In rapidly changing regulatory environments, insurers need to stay on their feet to address risk adequately. In addition, accelerated climate change and varying health profiles of the global population since COVID-19 add to the need for nuanced underwriting. The Fosfor Decision Cloud empowers insurers to react to regulatory changes with agility, significantly reducing their compliance burden. It enables predictive analytics for financial optimization by accurately verifying premiums and claims while also providing a comprehensive view of the internal and external risk metrics for profitability prioritization. It also facilitates rapid operational analytics and decision-making across key business functions — HR, Finance, and IT.
Artificial intelligence (AI) and machine learning (ML) technologies are expanding rapidly as organizations seek to capitalize on the value of their data. Half of the companies surveyed in a 2020 Mckinsey study have already adopted AI in at least one business function.
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Most, if not all, large insurance and re-insurance carriers today work with brokerage agencies to grow their books and ensure a healthy stream of business. Depending on the carrier size, they might often work with dozens of agencies spread across the globe, each with its own operating processes and ways of working. For broker managers, monitoring agency performance and working with them to target the right lines of business, suitable policies and the right customers can be a nightmare. The need to be able to quickly analyze broker performance and take corrective actions to meet submissions. As such, underwriting targets is critical. Lumin's Decision Intelligence capabilities make this task considerably simpler. Let’s dive in.
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As a data enthusiast myself, I understand the importance of data exploration, visualization, and decision intelligence in today's data driven world. That is why I am thrilled to share with you how Lumin and Streamlit can revolutionize your data analysis experience in Snowflake, the leading cloud-based data warehouse platform. So, fasten your seatbelts as we embark on a journey to harness the true power of Lumin and Streamlit to unlock the potential of your data.
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