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Why Claim Analytics


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Why Claim Analytics


We specialize in predictive modeling for insurance

Claim Analytics is a company of insurance professionals, including several actuaries, specializing in predictive modeling. We model insurance and only insurance. And we have been doing this successfully since 2001.

Strong Technical Expertise

We have strong technical expertise using the most advanced predictive modeling algorithms: generalized linear regression, ensemble methods, text mining, multiple adaptive regression splines (MARS), genetic algorithms and many more.

Expertise in Transformation

We are not limited by traditional data boundaries; we have experience in transforming unstructured data including text and notes into something that a model can use. By getting the most out of that data, you maximize the model’s usefulness.

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Predictive Modeling


Predictive Modeling


The predictive modeling tools used by Claim Analytics derive their power from their ability to “learn” from your data. Rather than checking each data field in an identical and repetitive fashion, they react and adapt throughout the discovery process. Thereby uncovering patterns and relationships that traditional analytical tools fail to detect. Once these patterns and relationships are detected, new opportunities and efficiencies are opened.

What our clients say...

“We’re enormously pleased with our involvement with Claim Analytics. Whenever we want to update the model or capture additional data, they’re right there with us. We’ve been very impressed with the individuals they have working there.”

Example: Opportunity Report

Claim Opportunity reports are an example of how our creativity enhances our clients’ business processes. These reports highlight a subset of active disability claims with high return to work potential as well as those that would benefit from additional focus or resources.

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How we model


How we model


Client Projects

We start with the business problem:

Design

A model can be accurate, but if it doesn’t provide the information a client requires to make decisions then it’s no good to anyone. We know the importance of speaking to people in terms they are familiar with and use in their day-to-day work. At Claim Analytics, we speak the language of insurance which enables us to ensure the model will fit and support the business process at the outset. And, most importantly, we ensure at the outset on making sure that the model output will fit into and support the business process.

Modeling

We have the experience to choose the most appropriate model and apply it effectively. Often one model is not sufficient and we may use a composite model we refer to as a ‘committee of experts’. Once the model is complete, we test the model on hold-back data, which the model has not seen before, to ensure that the model’s predictions match the actual results.

Client Validation

Before a model is ready for production, we work with our clients to validate the model.  At the outset of the project we ask our clients to retain some of the data (typically 10-20%) from the development process. After completing the model and testing it on our hold back data, the output is tested against the data that the client held. Data that we have never seen. This provides objective proof that the model is both robust and accurately predicts the expected outcomes.

Report Presentation and Action

It’s important to present results in a way that is easy to understand and actionable. We employ experienced insurance business professionals to work with our clients to turn our model results into business results.

Please contact us if we can be of any assistance in helping you improve your company results through predictive analytics:

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What our clients say...

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“The working relationship we have with the Claim Analytics team is exceptional. They have been fully supportive of our business needs and continue to offer assistance and training.”

Example: Rehabilitation Report

Proactive, automated scoring can be applied to rehabilitation to identify claims that would likely have improved outcomes with rehab intervention.

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Benchmarking


Benchmarking


Intercompany Benchmarking - Comparing Apples with Apples

Comparing companies against each other with no allowance for differences in mix of business can be misleading as it obscures underlying performance. We use predictive analytics in our studies to compare the performance of a company with its competitors, as if they were managing the same business. This is incredibly powerful; unlike traditional surveys that may only give a high level picture as how you compare, our approach delivers actionable information specific to your business. For example companies that participated in our LTD study did not only see how their average costs compared, they also learnt where they could improve.

Participants typically pay to take part in the study and receive a confidential personal report on their experience, in addition our studies are often sponsored to keep the cost down.

Learn More >

Please contact us if you are interested in either sponsoring or participating in a future study:

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