What does the Claim Analytics pricing approach offer beyond current methodologies?

Claim Analytics provides expertise in cutting-edge predictive modeling and pattern quantification techniques. The technology we employ is demonstrably superior to classic actuarial tools in quantifying the relationship between claim drivers and claim costs. This technology is especially strong at analyzing several factors in simultaneity ( age, gender, EP, claim size, industry, occupation, salary, benefit level, change in definition period, region and many more).

In addition, our pricing capabilities are enhanced by our reserving capabilities. Our claimant-specific termination rates result in reserves that are significantly more accurate at the individual claimant level. This reserving approach allows us to more accurately allocate claim costs, and thus better quantify the relationship between claim drivers and claim costs.

We don’t feel comfortable using a black box for rate setting.

Neither would we. Our analysis enables our clients to isolate and quantify the influence of each claim driver on claim costs. We provide our clients with superior knowledge of the true cost of each claim driver. Our clients then use this knowledge to finalize their rate factors.

How will working with Claim Analytics affect our pricing process?

The Claim Analytics pricing methodology results in little or no impact on processes.

To start, clients provide us with historic census and claims data exactly the same data as they normally use for pricing. We then perform a predictive analysis and provide a report in a format that meets client needs.