There is increasing competition, stringent rules and compliance and tightening margins in the financial services and insurance sector today. Processes need to be improved and agile by incorporating available digital data along with existing data sources for faster decision-making.
The second largest title insurance company in North America engaged Business Brio to guide them in understanding and getting insights into fraudulent transactions. Understanding the patterns in the title plant from various data sources for previous transactions on properties and identification of the outliers for flagging for special diligence were critical success factors. Dynamic models enabled quicker diligence and faster decision-making.
At Business Brio, we have used Single Exponential Smooth, Double Exponential Smooth, ARIMA and back-propagation neural network. We did find Neural network to have better forecasting performance than the classical forecasting algorithms in case of wind energy forecasting for a particular project and won the NASSCOM Analytics Innovation award in 2015 for effectively using the same for business.
Methods like Goal Node, Integer Linear Program, Simplex Method and Interior Point Method are used depending on the context and relevance. At Business Brio we use Lindo as a tool for optimization.
Unsupervised and supervised learning methods like regression, support vector machines (SVM),KNN, K-means, PCA are used to recognize patterns and make data-driven predictions or decision outputs. We extensively use Python and R for applying the algorithms.
CART, CHAID, Random Forests, mathematical and computational techniques are used to aid the categorization and classification of a given data information. Apart from programming tools, we also use WEKA for decision trees.
Opinion mining or emotion AI refers to the use of natural language processing, text analysis, and computational linguistics to systematically identify, extract, quantify, and study affective states and subjective information. In past projects, we have heavily used LSE, HSA, text mining for semantic algorithms.
Early Warning System
Customer Analytics for Growth
Fraud detection
Credit Risk
Applications
Take faster decisions with insights from risk models and early warning systems.
Scalable Solutions
Process Study
Success Criteria
Engagement Model
Product Agnostic
Adaptive Dashboards
Tuned Models