Rising costs of managing claims and risk combined with the struggle to increase profitability are some key challenges in the insurance industry. Property, casualty, health and benefits insurers have limited underwriting and investigative resources to analyze, review, assess and pay claims. The industry also faces competitive pressures to build new business, retain current customers and meet customer satisfaction requirements.
Using the wealth of data that resides in their various transactional and operational systems, combined with predictive analytics, they can place themselves on the leading edge of insurance technology and address key business issues.
How Angoss Helps Insurance Companies
CLAIMS FRAUD DETECTION
Detect subtle patterns of unusual activity
Our advanced risk analytics solutions mine big data to help you:
- Proactively detect claims fraud for health, dental and prescription drug claims
- Identify new kinds of fraud – often before the organization is aware they have occurred
- Create prioritized claims lists and targeting tools
- Support effective fraud and abuse strategies focused on providers, claimants and claims that are most likely abusing systems and programs
Predictive analytic models allow insurers to save millions by quickly detecting and expediting investigation of suspect providers, claimants and claim-level behaviour.
FIRST NOTICE OF LOSS
Embed real-time analytics into the claims process
Angoss solutions empower underwriters with predictive analytics in real-time providing:
- Repository of predictive models for effective claims processing including, but not limited to, Bodily Injury, Recovery, Fraud, and Write-off
- Constant view on claims status in terms of cost, spend, reserve and priority
- Claims routing based on their potential outcome, i.e. Fraud, Litigation or Recovery to the most experienced handler
- Drastically reduced claims settlement cost and time
Increase confidence of self service registration and potential settlement by making accurate and timely decisions at first notification of loss.
Competition is fierce, what are you doing to acquire and retain profitable customers?
With increased competition biting at your heels, our advanced analytics solutions will help you:
- Identify brokers most likely to sell your product
- Make smarter product offer decisions that improve overall propensity to respond
- Understand customer purchase behavior and predict your customer’s likelihood to purchase
- Focus acquisition & reactivation efforts on customers with the highest customer lifetime value
Our advanced analytics solutions harness the power of big data to greatly improve overall marketing ROI.
Find out how the insurance company decreased their cancellation rates by 1.5%