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Prescriptive analytics is the uppermost level of insurance analytics and also the most complex one to set up and execute. It examines data influx from a wide variety of internal and external sources and uses a number of techniques, like machine learning, image processing and statistics to come up with comprehensive insights. Prescriptive models not only tries to predict what will happen, but also reasons why it will happen and present variable options on how to take advantage of future opportunities.
Features of Prescriptive Analytics that benefits Insurance organization
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Prescriptive analytic models allow insurers to save millions by quickly detecting and expediting investigation of suspect providers, claimants and claim-level behavior.