If you are in the banking or insurance sector, iNovate Systems Limited can help you identify trends and patterns in financial markets, develop new investment strategies, and identify potential risks. Further, we assist your organization to develop new financial products and services, such as personalized investment plans or fraud detection systems.
Let Us Help You Make Sense of Your Data
With too myriad sources of data, many organizations are getting overwhelmed with information overload. But data science can help you extract meaningful insights from that data sets by combining various methods, technology, and tools. At iNovate System, we use advanced software and tools to collect, collect, clean, and analyze large amounts of data from a variety of sources available to your organization.
Our specialists will create predictive models and visualizations to help your organization understand its data and make informed decisions. We would love to talk to you if you are in finance, retail, healthcare, and technology.
Why Do You Need Data Science?
iNovate Systems Limited has developed capability in data mining, analytics, and business intelligence. We can help your organization realize the following benefits:
- Improve Efficiency – generate insights on Company’s performance
- Customer Insights─have deeper understanding of your customers tastes and preferences
- Cost Reduction – make use of Hadoop and big data infrastructure to cut on production costs.
- Faster and better decision-making – map your decisioning process to your customers’ demands.
- Product-Market Fit ─Align your products and services with your customers spend patterns
- Discover Opportunities─ identify new opportunities and gain a competitive edge.
Leveraging Big Data in Finance
Data Science for banking
iNovate Systems Limited can help you identify trends and patterns in customer behaviour, develop new products and services, and improve risk management. Big data can also be used to improve the efficiency and productivity of your operations by providing a more comprehensive view of customer data and areas for improvement.
Benefits for your financial institution
As a financial institution, you can leverage our data analytics capabilities and realize the following lists benefits and so much more!
- Discovering the spending patterns of the customers
- Identifying the main channels of transactions (ATM withdrawal, credit/debit card payments)
- Splitting the customers into segments according to their profiles – customer segmentation
- Product cross-selling based on the customers’ segmentation
- Fraud detection, management & prevention
- Risk assessment, compliance & reporting
- Customer feedback analysis and application.
Challenges Facing in Insurance Sector
- False claims being pushed by fraudulent people to defraud the insurance firms
- Refusal by the insurance firms to honor genuine claims hence killing the little existing client confidence
- Poor marketing and PR strategies that have failed to reach out to the potential market for insurance subscribers
- Failure by insurance firms to do research to be able to understand the dynamics needs by the target market
- Brokers and middle men have contributed significantly to the stagnation of the insurance sector
- The issue of price undercutting in the sector is a significant issue that’s being perpetrated by the brokers/middlemen
Through our data analytics, we can help your insurance with the following:
- Pricing and Product Optimization
- Claims Prediction and Timely Resolution
- Behavioral Intelligence and Analytics to Predict New Customer Risk and Fraud
- Uncovering Agent Fraud and Policy Manipulation
- Optimizing User Experience through Dynamic Engagement
Achieve More With iNovate Systems
We believe that data science has the power to transform businesses and organizations, and we’re dedicated to helping our clients unlock the full potential of their data. If you’re looking for a data science partner that can help you drive growth and success, look no further than iNovate Systems. We are ready and excited to help make sense of your big data and achieve more!