It’s been an interesting couple of months since the OIC Portal went live. Numbers are still well below what one would expect, with a number of organisations that represent claimants clearly still not loading claims at the expected volumes. Perhaps everyone is busy enjoying summer cream teas in Cornwall.
Although it's still very early to assess how behaviours and approaches may have changed, 360Retrieve is providing important early insights for our customers from the available data. Much of the enriched information is derived from details contained in the free text sections within documents posted to the OIC Portal – data that’s not available in reports sourced from structured data fields that most other applications depend upon.
360Retrieve customers are benefitting from seeing the full content – including the unstructured data - of what claimants are presenting to the OIC Portal without the overhead and slowness of manual review. Further, as volumes scale, so will 360Retrieve’s value as insurers’ capacity to manually review the unstructured data diminishes.
We all have questions that only the data within the OIC Portal can answer: What is the split of represented vs. unrepresented claimants? Who is saying that their claim is of exceptional severity? What is the claimed incidence of multiple whiplash types, headaches, psychological symptoms, tinnitus? And which claimant representatives are bringing these claims? These are just the tip of the iceberg and 360Retrieve clients can answer them all at the touch of a button and present them in analytical output.
When medical reports and settlement forms start to emerge in the coming weeks, the volume and complexity of data will increase exponentially; those who cannot interpret this growing mass of information to inform response strategies will be at a significant competitive disadvantage. The proportion of data that is presented in unstructured formats will grow significantly as the progress of cases originated in the OIC Portal develops to conclusion. The ability to understand and act on this insight will differentiate insurers in terms of cost control performance. Insurers used to focus on price optimisation, but cost optimisation is now at the forefront of insurer’s agendas, and 360Retrieve is playing an important role.
If you think 360Retrieve can provide insights that would enhance your business performance, get in touch today.
If you want to learn more about our unstructured data analytics capability, view are 360Retrieve page here.