Background

The global predictive analytics market is rapidly growing and is expected to reach $10.95 billion by 2020. Companies across all industries and particularly, the fin-tech industry are investing in this technology to mine their transactional databases to gain better customer insight, forecast sales more accurately and improve their market competitiveness. The insurance industry is in most need of predictive analytics as its business model heavily relies on effective forecasting. Predictive analytics empowers insurers to deliver exactly the right product, at the optimal cost, to the right customer, at the right time and through the right channel. Predictive analytics can flag anomalous consumer behaviour and protect against insurance fraudulent which cost at least $80 billion in fraudulent losses each year