Tools based on predictive modeling are transforming claims management. In workers’ compensation, automobile liability, general liability, medical professional liability, etc., predictive modeling enables insurers to identify problematic claims soon after they are reported, and to quickly allocate the necessary resources to mitigate losses. Predictive models also are used throughout the lifecycle of a claim to identify emerging problems and to flag potentially fraudulent activity. As a result, significant cost savings can be achieved.
This 6 page report, sponsored by Zurich, explains the principles of predictive modeling and demonstrates how insurers and risk managers are using groundbreaking new tools to help contain claim costs.
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Exciting new tools are being used to manage complex claims. Predictive modeling, a process to identify and quantify factors that are likely to influence outcomes, is being used to identify claims that have the potential for high costs, making it far easier to assign the right resources to properly manage them. Predictive models also are used throughout the lifecycle of a claim to identify emerging problems and to flag potentially fraudulent activity.
Insurers that can improve customer satisfaction by settling legitimate claims quickly and accurately while at the same time more effectively managing costs have a clear advantage over less sophisticated competitors. According to a Towers Watson survey of insurance carriers, within two years, nearly half of respondents expect to be applying predictive modeling to a variety of claim issues.
This 6 page report, sponsored by Zurich, explains the principles of predictive modeling and demonstrates how insurers and risk managers are using groundbreaking new tools to help contain claim costs.
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