Insurers amass huge reservoirs of data about their claims and claims exposure that often remain forever in the shadows, absent from crucial decision making processes. Studies estimate that only 20% of claims data is in structured formats - and so both analysable and actionable. The remaining 80% is unstructured data locked away inside documents, invoices, e-mails, images, free text fields and other formats that remain forever outside of the spotlight.
At 360Globalnet, we use our 360Retrieve technology to refocus the spotlight on these huge expanses of 'data shade' that obscure the hallmarks undetected fraud, incubated claims, jumper claims and insights into trends that need acting on right now to prevent loss ratios degrading. We act to help companies plot a route out of the darkness. It is key that when claims exposure or fraud degradation occurs (remember LASPO?) that those in charge can profile ALL of the data in their systems and set up new processes to keep them in the light without huge expense or resource.
Without this access to unstructured data, insurers’ ability – or inability – to gather and interpret the trends and detail of claims in support of their business strategies and processes is incomplete at best. It’s like a barrister entering a courtroom without case files.
The first step is to unlock unstructured data and amalgamate it with current structured resources. The next is to create easy-access analysis direct from that data, so that claims professionals can see micro detail filtered at a macro level. The next is to provide automation so when it comes to potentially fraudulent, incubated, sleeper or jumper claims, there are analysis tools running constantly and alerting stakeholders when red flags occur.
360Retrieve, has been uncovering game-changing metrics to leading insurers for nearly five years now. Once deployed, the benefits include joining all internal, external, industry and third-party data together, providing insurers with a “One World” view of what’s happened, what’s trending, and what’s going on now, in real-time.
enrichment of available data transforms underwriting and risk profiling accuracy;
both historical and emerging patterns and trends are enabled for claims profiling;
priority claims flagging, in real-time, for fraud detection, potential high value claims and litigated claims;
know Your Opponent Analysis to better understand the behaviour of those bringing claims and
data analytics capable of presentation in hierarchical dashboards
Now, with a major update of 360Retreive to version 4, this technology delivers an enhanced user interface, making it even easier to extrapolate the information insurers need from their data.
It makes the spotlight on your claims operations, wider, deeper, broader and brighter. It also allows claims to become gain a competitive differential over rivals who are still accessing only the data that reaches databases and spreadsheets.
By unlocking all of your unstructured data, your decisions will be made in the full light of 100% of claims information.
We’d be delighted to provide a no-obligation demonstration using your own data; an opportunity to see first-hand, and in the context of your own business challenges, what 360Retrieve could do to improve performance for you.