Risk assessment and credit profiling for new to credit customers is tricky. Along with it, there is great scope for improving the accuracy of risk prediction for credit-served customers too. For NAVI, we discovered location attributes that indicate the risk appetite of prospect users. Next, we augmented their user database with these location variables/ attributes […]
In this study, we will discuss how retail major Lenskart has benefitted from its partnership with GeoIQ, a location-based intelligence provider. Having access to location-based data is immensely helping businesses that are running their decision-making engines on data. It has been established fairly well that data is the new fuel for businesses to improve their
TL;DR: The information banks and NBFCs have access to is restricted, and does not substantially mitigate risk. It is because the lending industry relies on credit score analysis as a standard tool of risk assessment. Inherent nuances within those systems create ambiguities that, in turn, leave margin for errors, omissions, and confusion — leaving a
TL;DR — ‘Affluent’ Customers — individuals with distinctly apex lifestyles, are BFSI’s’ most coveted cohort. Inarguably — they have the purchase dispensability to be consumers to the finest products. For Banking and Insurance companies, it translates to one thing only — minimal risk. But there’s another challenge — how do you know if a consumer
TL;DR — Lending is a risky enterprise. To be at its best profit-making potential, businesses need borrowers with maximum tenure without the risk of defaults. The insights that banks and NBFCs work with are limited and do not effectively alleviate risk. Location intelligence helps measure ‘affluence’ — the intangible benefits of functional living or operating
Insurance companies can gain from location intelligence by tapping into risk analysis of different types of risk claims. Increased usage of location intelligence can be crucial for an insurance company’s digital transformation path. Location intelligence solutions have potential applications across a range of insurance processes, including marketing, distribution, pricing, underwriting, loss mitigation, claims, fraud management,
