Turning Digital Behaviors into Real-Time Actionable Insights in P&C Insurance

As P&C carriers look for ways to combat the rise in risk, fraud, and leakage during the digital underwriting process while providing a positive user experience, the ability to harness actionable insights from digital behaviors has increasingly become a competitive advantage. ForMotiv is at the forefront of this wave, advancing the industry with insurance-specific solutions that translate digital behaviors into real-time actionable insights that drive tangible outcomes for insurance carriers.

In today’s competitive P&C market, analytics and machine learning have become indispensable tools for carriers. However, traditional approaches often fall short of delivering real-time insights that can be seamlessly integrated into existing core processes. Too often, analytics and machine learning insights are used to derive offline insights. ForMotiv fills this gap by providing carriers with granular insights into digital intent while a customer or agent is engaging with their online application, enabling them to make data-driven decisions in real time.

What sets ForMotiv apart is our commitment to delivering actionable insights that are not only valuable but also easily consumable. With our platform, carriers can access real-time data and insights in milliseconds, empowering them to stay ahead of the curve in an ever-evolving underwriting landscape.

ForMotiv takes a novel approach to help carriers create better digital experiences while reducing risk and fraud. By looking at how a user physically engages with a digital application, which we refer to as “digital body language,” we’re able to glean insights into the purchase intent and risk profile of the individual applicant. With real-time insight into instances of potential leakage and fraud, layered on top of an applicant’s purchase intent, carriers can create dynamic experiences with a series of next-best actions tailored to the end user. We do this by capturing hundreds of behavioral features and thousands of behavioral data points on each application and analyzing the data in real time to provide actionable insights that carriers can leverage during the application flow. 

Through our proprietary platform and unique behavioral solutions, we address critical challenges carriers face, including Leakage, Fraud, and Conversion Lift. By integrating our solutions into core processes such as marketing, underwriting, risk assessment, and data science, leading carriers are equipped to make informed decisions that enhance the customer experience, boost conversion rates, mitigate risks, and combat fraud.

One of the hallmarks of ForMotiv’s approach is the ability to trigger interventions in real time based on actionable insights derived from digital behaviors. For instance, with our Leakage Solution, which identifies leakage during the application process, carriers can triage risky applications instantly. In most cases, carriers have existing interventions they leverage when an application is showing signs of risk, such as displaying a technical error message or referring to an agent. ForMotiv can work within carriers’ existing underwriting rules and help improve accelerated underwriting accuracy at scale. In addition, carriers can develop new interventions based on ForMotiv data.

A few examples of interventions carriers have implemented include flagging policies for manual reviews, calling additional 3rd party data checks or orchestrating where in the application 3rd party checks are called, directing applicants to call center agents for personalized assistance, optimizing language or tweaking the user flow, changing default coverages or deductibles, or even implementing additional underwriting steps as necessary. Leading carriers are already seeing the benefits that real-time interventions based on behavioral data can have. 

In conclusion, there is a growing appetite to drive real-time interventions and take actionable next steps based on digital behaviors in the P&C insurance space. Companies like ForMotiv are leading the charge, providing carriers with the tools they need to thrive in a rapidly changing environment. By leveraging digital behavior data to drive real-time interventions, carriers can unlock new opportunities for growth, efficiency, and innovation.

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