Through the application of sophisticated rules engines and Natural Language Processing (NLP), rules and search routines are established containing characteristics present in high priority that the Insurer wishes to identify as early as possible in the process and lifecycle.
These cases are then flagged within either Case Management System and Data Extract. For interrogation and analysis.
These cases can include;
- Potential Large losses
- Incubated claims (those claims with latent cost, risk and exposure propensity)
- Credit hire claims,
- litigation claims
- Police 172 Notices.
- Vulnerable customers
The automation of the early flagging of cases delivers significant savings in both indemnity spend and operational efficiencies, with better workflow management and quicker decisions being made on allocation and case strategy.
Using 360Retrieve to seamlessly identify these cases quicker and more efficiently, resolving issues that could have an impact on the business by not identifying these cases earlier in the process and lifecycle.
360Retrieve helps businesses automate what were previously manual processes delivering process and operational efficiency.
In Deployment – 360Retrieve as a Profiling and Priority Case Flagging User Cases;
- Identifies between 5-10% of Large Loss Claims that have not been previously identiefed
- Highlights between 2-5% of Incubated / Sleeper Claims, of which 80% of these claims require an upload reserve movement
- Priority claims can be identified within 24 hours