While the insurance industry is about helping their customers during their unfortunate incidents or events in their life and getting them back on their feet. Insurance companies continuously work on their internal processes, offerings and issues in control to ensure that their customers stay with them, instead of going to a compete-tor. Two of the biggest challenges the insurance providers are faced with include;
• Detecting fraud before it happens and understanding
• Reducing customer churn.
Both the problems are very critical and muddled by mountains of data that are not easily deciphered.