There’s no question that insurance is a data-driven industry, and that the volume of data potentially available—through advances such as the Internet of Things—stands to increase exponentially. Insurers are inundated with the message that data is the key to their success—that data will help them make better risk and underwriting decisions, make better use of their resources and talent and ultimately, achieve a competitive advantage. There’s just one problem: without effective analytics, the data itself isn’t all that helpful. Over the course of this five-part series, I’ll look at the ways that analytics (and a closely related topic, machine intelligence) can turn data into insights.
Analytics for better claims routing
Today, many insurers still use paper assignment to route claims (that is, “this” claim goes to “this” adjuster). Others might use business rules (that is, “these” types of claims go to “these” adjusters). Whether based on paper or business rules, these assignments are typically based on line of business and the perceived complexity of the claim.
Predictive analytics can enable insurers to achieve next-generation claims routing: to route claims to the most appropriate adjuster, as well as to proactively identify low- and high-risk claims and ensure they are dealt with as expeditiously and efficiently as possible.
Importantly, there’s another layer to analytics-based claims handling. For any given claim, there may be several handlers with the appropriate qualifications and skills to manage it—but what if an insurer could assign it to the handler most likely to create the best customer experience for the claimant? Based on details from the customer file and characteristics of the claims workforce, insurers could use predictive analytics to improve the claims experience.
And that’s the real promise of claims analytics: to not only improve transparency and speed of claims resolution, but also to delight the customer. Join me over the course of this five-part series as I look at how predictive analytics can help insurers reimagine the claims process.
Email me to learn how Accenture can help insurers achieve next-generation claim routing.