16 May Multiple Claims Patterns Requires Multiple Analysis Techniques
The insurance industry is facing major disruptions on how products are sold in the marketplace, how claims are being received, the increasing on-demand services by customers, and the ever increasing amount of data available (internal and external) for the business process. The Internet of Things (IoT), and the Fourth Industrial Revolution, are two of the main catalysts causing disruption in the industry.
We need to rethink how products are brought to the marketplace, how claims are processed, and how we communicate with the on-demand generation, which is now the majority of our population.
The key to success is the ability to have multiple analysis techniques to discover and leverage claims and underwriting data to make better decisions. Are you leveraging claim patterns with the underwriting process? Are you enriching data with your underwriting process to gain a better measurement of risk? Next generation analytics, combined with dynamic modeling, is a great start to lead your company into the future.
Infinilytics smartC™ and dynamic modeling
The Infinilytics smartC™ analytics platform is a cutting edge technology solution for the insurance industry. The smartC™ solution uses a patent-pending approach to validate and fast track genuine claims, and identifying the suspicious ones in one unified platform. Cognitive computing is the future, and we have built a robust claims solution that can be extended into underwriting and marketing. Our approach to validating genuine claims is simple; A.R.M. – Pattern Analysis, Pattern Recognition, and Pattern Matching. Dynamic modeling consists of a concise and clear process:
- Gather the data
- Enrich external data, integrate and analyze
- Make the right decision
This methodology will allow you to meet the demands of the competitive marketplace, and provide excellent customer service for underwriting and the claims process.
Joining the insurance disruption movement can be daunting, but not insurmountable with right strategic partner to guide you along the way into the future. Infinilytics can assist you in bringing next generation analytics to your company, and become your strategic partner.
About the author: John Standish is the Chief Analytics Officer for Infinilytics. John can be contacted at: firstname.lastname@example.org