Technology to navigate change.
360Globalnet’s claims analysis software, 360Retrieve, provides invaluable insights into a portfolio and how it might be exposed to changes of any type. It ingests all the unstructured data that arrives in a business; emails, letters, image metadata, expert reports and much more – and turns 100% of that data searchable and capable of analysis. It’s playing a crucial role of ‘assistant manager’, guiding you with real-time strategy and rule changes so your defence can be as effective as possible.
The impact of legal and legislative changes on the cost of outstanding and IBNR claims is creating a huge challenge for insurers. And with no opportunity to adjust the past premiums that must pay for those claims, it is vitally important when such changes arise to rapidly understand the impact on outstanding reserves.
Attributes present within individual claims are rendered searchable and reportable, opening the door to the ways in which the portfolio might be affected by a changing legal environment. By way of example, if damages recoverable for a specific injury type or medical condition were to be materially changed by developing case law, 360Retrieve can undertake a real-time search of all data to identify any claim where reference to that injury or condition appears.
Using the same methodology and customer-specified search criteria, 360Retrieve can deliver a wide range of management insights, from case-specific fraud detection to whole-portfolio evaluation. Not embracing these legislative changes guarantees an own goal.
If you would like to discuss how 360Retrieve could deliver analytical capability across 100% of the data in your business, get in touch today to arrange an in-person or virtual demonstration.
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