Claims management lives in the past and present. Insurance claims managers are responsible for reviewing highly detailed sets of information, calling for the right solution to visualize and compare data. Business Intelligence aims to reduce the time it takes to review historical data and compare to current claims, saving time and catching many details that can lead to critical cost savings.
Claims managers sort through a plethora of information, including:
- Mixed media, such as videos, audio and images
- Handwritten accident and police reports
- Mechanic or contractor estimates
- Email communication between parties
The documents claims managers review are typically images and handwritten notes provided by a variety of sources. Next generation Business Intelligence software is able to understand and compile this information in more digestible, time-saving ways, while also applying analytics to highlight trends in the data.
Top 3 Benefits of Claims Business Intelligence
1. Quality Claims Data
Unstructured data is not easy to review, including images, written notes and audio. This information requires manual labor to digest and apply. With Business Intelligence, the data is extracted in meaningful quick-review formats. This not only allows claims managers to review each claim efficiently, but also opens the door to comparing data across claims in meaningful visualizations. This information can be vital when it comes to keeping claims out of court and settling before the cost of a claim increases.
Business Intelligence also allows for the connection to third-party data. When the insurer doesn’t have the data to add context to a claim, such as up to date geographical data, this context is still in reach. Third-party integrations provide vast possibilities for insurers to improve the context of their data.
2. Detect Fraud
Inconsistencies in claims data can be tough to catch. Claims managers are always on guard for fraudulent claims, meticulously reviewing documents for signs of previous damage to property, incorrect estimates and mismatched information. Business Intelligence provides powerful tools for spotting anomalies in data while comparing new claims data to existing claims data for catching patterns in fraud detection.
Rules setting and visualizations are essential for enhanced fraud detection. Business Intelligence makes it easy to automate the fraud detection process, allowing claims managers to drill down into the data when an anomaly is spotted.
3. Reduce Litigation Expenses
Business Intelligence allows claims managers to assess historical claims data. When identifying claims more likely to result in litigation, preemptive measures can be taken to potentially settle claims sooner and out of court.
These comparisons are highly valuable to minimize losses in the claims department and prevent further costs from incurring.
WaterStreet Company Business Intelligence
The WaterStreet Business Intelligence Platform improves claims management capabilities through a collection of tools that work together to turn your data into clean, coherent, interactive visuals.
We know the challenges that carriers face in managing business because we come from the insurance industry.
Ready to Take Action?
Reach out to WaterStreet Company today to request a consultation and demo of our solutions.