Predictive analytics offers significant benefits in experience analysis for mortality. First, a predictive model can include more factors in its calculations than traditional methods can manage. As well, predictive modeling offers advantages in quantifying the inter-relationships between factors. The result is a more accurate measure of risk, leading to a more accurate underwriting assessment and greater (and known level of) confidence in this assessment.
We have developed techniques using predictive analytics to improve claim management through the use of claim scores. These claim scores predict the likelihood of claim resolution and can be used to guide activity. They can also be extended for rehabilitation. We are happy to test your business to see the potential for improvements or work directly with your clients.
Claim Analytics has developed a unique solution to the problem of identify fraud, our solution can be used in conjunction to existing fraud programs and will identify new fraudulent activity. Our solution does not require any prior knowledge as to which in the past were fraudulent. Instead, our models are trained to identify atypical practices to flag for further investigation. This approach can be applied to application and claim fraud and, in particular, it is very successful at identifying provider fraud.
Claim Analytics a benchmarking service that compares companies against each other using a predictive model to make allowance for differences in mix of business to reveal underlying performance.
Our studies are often sponsored by reinsurers to keep the cost down for participants, in addition the reinsurer gets the benefit of any customer improvements that results from the study.