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Prevention and Risk Mitigation Approach

In regards to the surge of the needs in health welfare and social protection, preventing risks is becoming a priority. Sia Partners supports its clients in the valuation of preventive actions and offers optimization methods to maximize effectiveness and attractiveness.

Prevention has become one of the major risk control levers for insurers. In a world where cost optimization and risk control predominate, prevention suffers from a lack of visibility in measurable impacts. However, it is a considerable lever for medium and long-term risk control, in the image of the preventive turn taken by public authorities. Does the era of 4.0, with its ever-increasing and varied data, help to quantify the contribution of a prevention plan to claims experience?

 

Why is prevention important in the insurance business?

It contributes to mitigating the risk

A risk barometer is constructed from assessments of its cost and/or frequency.

 

It creates new proximity with the insured: the insurer-payer becomes an insurer-partner.

Prevention enables evolution of relationships between insurer and insured through new interactions.

 

It makes it possible to build a win-win model

It generates benefits for all: insured, insurer, society

 

It participates in business developments

We support you in understanding business transformations, and in the creation of new insurance offers.

The issues on which we can intervene

How can regulatory aspects be taken into account when setting up a prevention project?

We define a scope of an application respecting the ethics and modeling rules.

 

How to build a prevention strategy?

We begin by identifying the risk(s) and the scope of application of a potential prevention system.

We set objectives together to properly define your needs.

We identify various devices that are compatible with your policyholders' situations.

Our modeling techniques enable us to propose the most optimal prevention plan.

 

How to steer its strategy and quantify its effectiveness?

We build indicators adapted to your goals:

- Risk monitoring indicators

- Strategy monitoring indicators

Our approach

We create a secure framework for data recovery and management

We retrieve and process your data in compliance with regulations and GDPR standards.

 

We set up risk identification models

The use of Machine Learning algorithms allows to understand and segment the risks of the studied portfolio.

 

We measure the cost-effectiveness of the prevention systems

By quantifying the impact of changes in risk classes on profitability indicators.

 

We propose a rigorously piloted strategy

We set up indicators consistent with the chosen strategy.

Our added value

Tools based on increased knowledge of Data Science models

 

A mastery of the theories relating to prevention, its challenges and the subtleties of their concrete applications, while complying with regulatory standards and compliance rules.

 

The personalized support for your business transformation needs through our start-up Nod-A…

 

… all part of our identity "Consulting for Good"!