Deep Dive: Actionable Predictive Analytics
- January 24, 2023
Susan Currie Sivek, Ph.D.
Not convinced yet that predictive analyticsPredictive analytics uses data, statistics, and machine learning techniques to build mathematical models that can generate predictions about things likely to happen in the future…. can have powerful effects on your business outcomes? Hear it for yourself — and keep learning more with our resources.
Zohar Bronfman, Pecan’s CEO and co-founder, recently appeared on the Emerj AIArtificial intelligence (AI) refers to the development of computerized systems that can carry out tasks and perform actions that augment or take the place of… podcast to discuss these issues with Emerj CEO and Head of Research Daniel Faggella. In the episode, Zohar and Daniel discuss specific actions for leaders in insurance-related industries. These include improving their scoring and optimizationBroadly speaking, optimization is a process used to either maximize or minimize an output value by selecting the right input values. In data science, this… methods and better serving high-value customers.
Most importantly, they address the mindset shift leaders undergo when they adopt a future-focused predictive approach and begin defining business needs as predictive questions. Those predictions and informed, proactive strategy based on them will directly impact their outcomes.
Give the episode a listen here:
If you’re especially curious about how predictive analyticsAnalytics is a business practice that uses descriptive and visualization techniques to gain insight into data; those insights can then be used to guide business… can support your upselling and cross-selling efforts, you’re in luck! Check out two articles explaining why predictive analytics is such a powerful tool for achieving this business goal, and how predictions are generated to boost success. These methods are relevant for financial institutions and insurance firms but also for decision-makers and leaders in various industries.
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If you’re particularly intrigued by using predictive analytics in financial services and insurance, get inspired with these articles:
- 5 Ways Predictive Analytics Benefits Financial Services
- Using Data to Reach Retiretech Consumers
- Predicting Insurance Customers’ Needs with AI
Finally, read more about how Pecan has helped insurance customers achieve significant improvements in upsell/cross-sell and customer experience.
It’s time to move beyond retrospective data analytics. Instead, use your data to identify patterns in customer behavior with machine learning-powered predictive models. Gain a competitive advantage by anticipating customers’ preferences and needs.
Ready to get started? We’re here to help you choose the right path forward with actionable predictive analytics, whatever industry you’re in. Get in touch with us today.
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