smartC has been shown to reduce the cost of information gathering and investigating a claim by 15-20% smartC cuts down on the amount of manual work required to collect relevant data and present the information back to you. It allows your claims adjusters to make smart decisions faster.
Using smartC, Infinilytics customers have experienced a 15-20% reduction in the cost of gathering and analyzing the data necessary to process a claim.
- Improved LAE – smartC can reduce the costs of
- Gathering external data
- Organizing and sorting all of the data necessary to process the claim
- Improved customer retention and growth – The #1 reason why policyholders change insurance companies is due to a poor claims experience
- A 360 degree view of what is happening with each claim
- Advanced analysis
- Faster ROI
- 15-20% savings in processing costs per claim
smartC provides multiple saving opportunities. How?
- Automate data gathering, analyzing and pattern detecting for both internal and external data
- Detect organized patterns fairly quickly using global link analysis techniques
- Automate social data gathering using context based searches
- Extract forms data for comprehensive analysis
- Quickly validate medical transactions real-time for upcoding, miscoding, unbundling
- Predict genuine and questionable claims early on the claims intake process based on signatures of patterns
- Automate weather data gathering
- Extend claims advanced analysis with underwriting, marketing and geo spatial information to derive meaningful insights and build innovative products for millennials.
When processing a claim manually, there are many factors to consider:
- Gather, collate and store external and internal data
- Process and analyze the gathered information
- Analyze and detect patterns
- Correlate findings with facts
smartC does all of this in one place and within few minutes of the FNOL. smartC continues to gather and analyze with each new piece of claims data whether external or internal. In one proof of concept example, the cost of processing a claim shrunk from $20 to $12 with smartC. Based on our Proof of Concept process, we found that analysis can cost anywhere from $5 to $70 per claim.
Some companies do a lot of claims intake analysis manually. They pay people to get or manually review social media data, medical data, claims form data, and much more. Every claims department have to incur a cost to examine all facts and data associated with the claim to make sure your honest customer stays honest and the claim is processed accurately and there’s no material misrepresentation. When it comes to workers compensation, disability, auto and healthcare, there’s always a concern about rising healthcare costs associated with the claim. This can only be evaluated if the claims team can effectively identify anomalies upfront in the medical facts, diagnosis and history with the claim incident story.
External consultants are frequently used to handle triage or investigating. Based on our Proof of Concept process, we found that these frequently cost up to $8-15 per claim.