Accenture has launched seven advanced analysis applications for the financial services industry including banking and insurance companies. The new applications will simplify analytics decision-making.
The company said new advanced analytics applications are configured through the Accenture Analytics Applications Platform.
With the new applications, financial services companies will improve customer experience and retention, increase sales, simplify the credit scoring process and reduces cost associated with claims fraud.
Accenture’s analytics applications can also be customized for specific users and will also solve specific business problem.
Customer Churn Management analyzes customer information and detects early signs of customer defection.
Customer Potential for financial institutions and insurance companies will analyze the actual and potential value of their customer base and informs users how to retain high-value customers.
Additionally, through Next Best marketing professionals can identify the best product for each customer to suggest on the basis of probability of purchase and profitability of the product itself.
This apart, for financial institutions, Wealth Advisory Toolkit generates a prioritized list of client-specific actions that a financial advisor can execute to enhance the client experience,
Real-time Credit Decision helps to manage the end-to-end development of credit acceptance models.
Allowance for Loan and Lease Losses automates the loan credit loss reserve calculation process.
Insurance companies will have Claims Fraud which simplifies the investigation and identification claims fraud process by using predictive modeling to assess insurance risk factors and reduce costs connected to fraud.
Few days ago, Accenture launched Accenture Insurance Customer Insights Solution using which insurers access new distribution models, with management across multiple channels, including social media.