It’s widely assumed that some horses race better on certain courses than others. It’s a combination of characteristics from both the competitor and track that determine success and it’s a similar balance that claims managers face on a daily basis.
Every Claims Director knows that some categories of claims - and some individual claims - contain characteristics that carry a higher risk than others. These claims present an inherently higher risk of service failure leading to customer dissatisfaction, or increased indemnity cost on customer or third-party exposures.
Claims with a heightened risk of fraudulent behaviour is a classic example of where specialist attention can dramatically change outcomes for the better. It's why most businesses routinely segregate for specialist handing by cost of claim, category of peril and many other similar factors and characteristics.
Controlling these risks is of course about having the right processes and cost controls, but more than anything it’s about identifying claims with heightened risk and routing them at the earliest time to the right people for appropriate oversight. This task is made all the more challenging because claims management exists in a dynamic environment; changes in the law such as the OIC Portal, emerging vehicle and other technologies, the expansion of digitisation and new evidence being gathered at different times and different formats to name a few challenges in identifying high-risk characteristics.
In this dynamic and evolving environment, the ability to analyse data in real-time to identify these characteristics is increasingly important. Skilled people are at a premium and ensuring that those skills are deployed to maximum effect is a central priority in claims management.
And at 360Globalnet, we’ve developed the technology to ensure your horses are at the post on the right course. Our technology, 360Retrieve, continuously ingests unstructured claims data arriving throughout a claim’s lifecycle, regardless of format, and delivers a one world view of all the data capable of interrogation, analysis, reporting and automated flagging.
It’s estimated that only 20% of the data in any business is capable of analysis and reporting via conventional MI systems. 360Retrieve changes that to 100%. It enables customer specific reporting routines that fit your business needs and immediately provides real-time insights into emerging and dynamic situations.
100% of the information in a business can be searched by keyword or other criteria and presented to management using weighted and scored algorithms, thus providing hugely powerful strategic advantage over conventional management information systems that rely upon structured data. 360Retrieve gives your business the best opportunity to identify and prioritise the claim populations you are most interested in.
To get your horses on the right courses so you get to the winning line first, get in touch today for a no obligation demonstration.