Industry leader fights fraudulent claims with new technology based tools

Industry leader fights fraudulent claims with new technology based tools

Claims typically account for up to 80% of an insurance company’s costs, making the way the claims process is managed vital to a company’s profitability.

This is particularly true in times of economic uncertainty, with growing pressures to settle claims faster with transparent fairness – but with fewer resources.

Unfortunately, the claims process is typically time-consuming and labor-intensive, involving multiple systems, outdated technology and distributed operational units. The resulting inconsistent processes and inefficient data management sap resources and slow turnaround times, which leads to negative customer experiences.

Predictive insurance claims processing, or claims analytics, is the process to analyze the structured and unstructured data at all stages in the claims cycle to make the right decision, at the right time, for the right party. Claims analytics can enhance the bottom line by:

  • Reducing settlement lags and claims payout.
  • Automatically assigning adjusters according to priority and skill set.
  • Analyzing claim data to help with subrogation.
  • Reviewing claims for litigation propensity
  • Fighting increasingly sophisticated fraud.

Recognized as the industry leader in business analytics, SAS provides a complete framework of capabilities to help insurers significantly improve their claims management processes. This includes

Adding analytics to the claims life cycle can deliver a measurable ROI with cost savings and increased profits; just a 1 percent improvement in the claims ratio for a $1 billion insurer is worth more than $7 million on the bottom line.

I’m Stuart Rose, Global Insurance Marketing Manager at SAS. For further discussions view my blog or connect with me on LinkedIn and Twitter.

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