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Prevention and Risk Mitigation Approach
In view of the increasing needs in health welfare and social protection, risk prevention is becoming a priority. Sia Partners supports 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 dominate, prevention suffers from a lack of visibility in terms of measurable impacts. However, it is a considerable lever for medium and long-term risk control, when considering 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 risk
A risk barometer is constructed from assessments of its cost and/or frequency.
It creates new proximity to the insured: the insurer-payer becomes an insurer-partner.
Prevention enables the 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 development
We support you in understanding business transformations, and in the creation of new insurance offers.
Issues with which we can help
How can regulatory aspects be taken into account when setting up a prevention project?
We define a scope of application that respects ethics and modeling rules.
How to build a prevention strategy?
We begin by identifying the risk(s) and the scope of applying a potential prevention system.
We set objectives together to best define your needs.
We identify various devices that are compatible with your policyholders' situations.
Our modeling techniques enable us to offer the most optimal prevention plan.
How to steer strategy and quantify 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
Using Machine Learning algorithms allows us to understand and segment the risks of the studied portfolio.
We measure the cost-effectiveness of prevention systems
By quantifying the impact of changes in risk classes on profitability indicators.
We offer a rigorously piloted strategy
We set up indicators consistent with the chosen strategy.
Added value
Tools based on up-to-date knowledge of Data Science models
Expertise in theories relating to prevention, its challenges and the subtleties of concrete applications. All while complying with regulatory standards and compliance rules.
Personalized support for your business transformation needs through our Makestorming methods.
