Case Study
| Client | Confidential |
| Product | Analytics from Claims Processing Data |
| Categories | Insurance, Claims Analytics |
| Data Sources | Premia Core System, Claims Workflow System and Excel Spreadsheets |
| Metrics of Focus | Efficiency, Costs, Settlement Reserves |
| Time to Deliver | Approximately 3 Months |
The client is an Insurance company operating in Asia that needed more insight into their claims operations.
Claims workflow data was required to be integrated with Claims transactions in order to provide efficiency metrics and team based performance metrics. In order to provide the right metrics for users to analyze, the implementation process involved a fair amount of calculations through customized scripts, in order to automate and derive metrics according to the right business definitions. Claims teams were provided with a solution that displayed data in a digestable format and allowed collaborations within teams to improve internal processes.
Many of the claims metrics also help define overall business strategy, aid in company positioning, as well as improve customer targeting. Therefore the insights gained through claims analytics can also be shared to other departments of an insurance company.
Faster claims processing is a better sign of brand health for insurers and therefore making use of workflow data to act upon is of great use to the claims department. Use workflow information to understand the type of experience suited for a class of claims, and where the roadblocks are, to be able to process greater number of cases effectively.
Claims cases can vary through the severity of damages, the size of the claim amount, and also with respect to the coverage of the insurance policy.
Costs can be higher when cases remain outstanding for a long period of time and when cases enter legal proceedings.
Tracking calculated metrics such as ALAE and settlement amounts helped define costs associated with claims that better aid insurers in understanding the business performance.
Settled claims that have not yet been paid to claimants needed to be accounted for through loss reserves. Understanding trends in loss reserve amounts over time gives further clarity into the business performance. Vizualytics helped calculate and automate metrics that gave insights into settlement and cash flow
Challenges |
Solutions |
Product Module |
|---|---|---|
| Data lying in multiple locations, generated and managed by different members | Data integration | CUBOT Designer |
| High turnaround time for claims application processing | Reduce time by looking at roadblocks through data visualizations | CUBOT Analyzer |
| Extensive and repetitive work to calculate claims metrics | Automated metric generation | CUBOT ETL CUBOT ConfiguratorVizualytics Data Integration Services |
| Claims performance required to be compared to many different historical time periods | Create comparison periods by which to analyze with a click | CUBOT ETL CUBOT Configurator |