Growing competition and a difficult economic climate are placing pressures on insurance companies to control costs and optimize all aspects of their operations more proactively than ever before. Costs of insurance claims across all business lines are escalating. It is increasingly important to gauge accurately the complexity and risks of claims. Insurance companies that can accurately predict claim complexity and subrogation opportunities will be more successful in today’s competitive and challenging environment.
At StatSoft, we provide an effective solution to insurance companies seeking to manage costly claims. By applying effective and accurate modeling techniques available through an efficient and robust software solution, practically all critical decisions at each touch point through the claims handling process can be significantly improved.
- Determine Claims Complexity: Use the latest algorithms to build models that provide the most accurate classifications of claims into actionable categories for complexity, subrogation, fraud, etc.
- Analyze Unstructured Data: Huge volumes of unstructured notes are being stored and have never been put to use. Applying powerful text mining algorithms to this data can reduce risk and fraud, improve reserving models, and more.
- Utilize Enterprise-Wide Roles-Based Access: STATISTICA Enterprise leverages data repositories throughout the company while sharing data simultaneously with small or large groups engaged in collaborative projects.
- Employ Business Rules: Rather than generating only predicted probabilities, expected costs, etc., our solution provides action codes driven by rules and logic that will directly support decisions at critical touch points throughout the claims handling process.