In a recent report by KPMG, data analytics is
having a positive impact on claims automation.
"Leading insurers are also beginning to use
claims data to automate the processing of
routine claims. This allows claims teams to
focus on complex claims in which expertise
and judgement are crucial. They can also
assess the level of risk posed by automatically
processing certain claims, and quickly identify
and manage more-complex claims. The end
result gives insurers the capability to
dynamically adjust their risk appetite through
analytics while also being able to improve the
claims experience for clients by providing a
timely resolution."
The report stated that "Tapping into the power of
data and analytics can dramatically transform the
claims experience for clients who could potentially
see claims assessed and settled within a matter of
minutes. Some insurers are analyzing data to
enhance loss prevention among clients using
data-based insights to better understand the
outcomes of claims, as well as improving reserving
accuracy and product pricing."
One of the biggest recipients of analytics is the
claims adjustor.
The use of data analytics tools that leverage ad-
hoc queries, customizable reports, graphs, and
charts enable adjustors to focus on positive
outcomes and high-quality service, instead of
wasting crucial time on their own analysis. Claims
systems that allow for customized reporting and
dashboard configuration help adjustors engage in
early intervention, formulate accurate reserves,
and ultimately manage more cases more quickly.
Ultimately, this process leads rapid assignment of
claims, identification and monitoring of loss
severity and accelerated claims adjustment.
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