Accenture's Claims Fraud advanced analytics application dashboard
Accenture's Claims Fraud advanced analytics application dashboard.Accenture

Accenture has launched seven new advanced analytics applications for the financial services industry, including banking and insurance companies, to simplify decision-making by placing insight at users' fingertips.

Configured through the Accenture Analytics Applications Platform, the new advanced analytics applications are designed to help financial services companies improve customer experience and retention, increase sales, simplify the credit scoring process and reduce costs associated with claims fraud.

To deliver faster, insight-driven decision making, Accenture's analytics applications can be customised for specific users – ranging from business executives to data scientists – and tailored with a company's specific workflow process to solve a specific business problem. Through this individualised approach, users can increase their confidence in the advanced analytics insights and pursue data-driven actions for their company.

"Many financial services firms are involved in analytics projects today and are looking to drive more continuous value and opportunities from their data," said Narendra Mulani, senior managing director, Accenture Analytics, part of Accenture Digital.

"Through the use of tailored advanced analytics applications, companies can enable a variety of users to confidently make insight-driven decisions to solve their business issues. When an information-powered culture spreads throughout a company, the business can benefit as value in the form of increased revenues, improved capital efficiencies, and minimised risk can be realised."

To meet a company's needs, the platform will be used to fully configure the advanced analytics applications with their specific operational workflow process and specific user requirements – for example, more granularity for data scientists and less data granularity for business users. Depending on how much customisation is needed, applications can be ready for use in approximately one week to 60 days.

Accenture has 22 applications available for retail, financial services, utilities and telecommunications industries.

The advanced analytics applications are designed for:

Financial institutions and insurance companies

  • Customer Churn Management – Detects early signs of customer defection by analysing customer information, such as transaction developments, cross-selling or product expiration dates and offers insight-driven customer retention actions.
  • Customer Potential – Informs users how to retain high-value customers by analysing the actual and potential value of their customer base and recommending data-driven marketing and sales actions to increase cross-selling, retention and marginality.
  • Next Best – Allows marketing professionals to identify, for each customer, the best product to suggest based on the probability of purchase and profitability of the product itself.

Financial institutions

  • Wealth Advisory Toolkit – Generates a prioritised list of client-specific actions that a financial advisor can execute to enhance the client experience, deliver a consistent standard of care and comply with regulatory requirements.
  • Real Time Credit Decision – Helps manage the end-to-end development of credit acceptance models by enhancing scoring grid creation and bridging the gap between model training and execution in batch and real-time.
  • Allowance for Loan and Lease Losses – Automates the loan credit loss reserve calculation process under a controlled environment, creating a streamlined loss reserve estimation process.

Insurance companies

  • Claims Fraud – Simplifies the investigation and identification claims fraud process by using predictive modelling to assess insurance risk factors and reduce costs connected to fraud.