The key is to understand and have a clear view of a legacy book.
For run-off insurance, data is both the risk and the solution. The problem lies in making informed and accurate decisions on incomplete data, due to it residing in unstructured formats such as emails, PDFs and images. This is where we can help. Our analysis and profiling tool, 360Retrieve, enables you to access and analyse unstructued data, opening the door to 100% of the data available. Leave no stone unturned and make the most informed and accurate decisions, with 360Globalnet.
Content – establishing liability.
Risk portfolio – make up of the book.
Determine/identify unseen issues within the portfolio that have not been sufficiently reserved.
Process inefficiencies impacting on reserving accuracy.
Establish a realistic profile and value of the books liabilities.
Identify high value claims.
Flag claims that may have a longer term potential of manifesting into higher value claims than current reserves suggest/indicate – incubated claims.
Identify fraud/potential fraud leakage.
Pensions and Life Market – change in Legislation, grouping policies by “policy type, clauses” etc..
Where do the issues lie?
Access to data.
Breadth and depth of/to accessible data
Insurer case management systems.
Access to/and depth/breadth of available structured data.
Accessing/joining relevant and appropriate remote internal, industry and third party data sources for book profiling.
Access to unstructured Data.
Ability to access, interrogate and analyse unstructured data.
Portfolio exposure to environmental issues - strategic litigation/or potential legislative change on certain market issues e,g. Grenfell Tower/Cladding and Whiplash reforms.
360Retrieve ingests and indexes all unstructured data, making it all accessible and turning it all searchable; Documents of all formats, free text fields from Insurer systems and case notes, the list goes on.
360Retrieve joins all data sources, internal, external and third party data sources including; case Management Systems, legacy systems and relevant and appropriate industry and third party data sources.
Turning known format documents into structured data provides a “One World View” of all data.
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Free form Boolean search routines enable/provide complete unfettered access to all data both structured and unstructured.
Establishing book specific risk matrices incorporating structured and unstructured rule sets and routines enable assessment of a book’s portfolio; profiling, categorising and flagging claims in distinct predetermined groups in accordance with the risk matrix so claims of similar characteristics.
- Low value claims
- Large loss claims
- Claims containing characteristics that may manifest into higher value claims (incubated claims).
- Fraudulent/potentially fraudulent claims.
Data Analytics incorporating;
- Overall book profile
- Granular analysis of claim by category in accordance with the risk matrix.
Flagging of historical and emerging patterns and trends.
KYO (Know Your Opponent) analysis – profiling of claim characteristics by entity/claimant representative; Law Firm, AMC, CMC etc..
GEO analysis identify and determine geographical hotspots;
- Across the book.
- By claim characteristic.
Self-serve analytics; analyse, cut and slice 100% of the available data in any way that you want to, delivering;
- Bespoke MI/BI reports.
- Bespoke dashboards.
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We recognise that claims risk potential and propensity shifts throughout a claim’s lifecycle, and that this shift in potential and propensity only develops when further information in relation to the claims is provided by the claimant and/or claimant representative.
For this reason, in deployment, 360Retrieve joins all available data sources providing a “One World View” of all data. 360Retrieve rules monitor all updates to claims and flag claims of;
- High priority – as determined by the user enabling immediate attention and handling by the appropriate team to maximise handling efficiency and minimise cost and exposure.
- Potential large loss.
- Potential high value claim.
- Potential fraud etc..
Data Analytics and hierarchical dashboards monitor claims performance against the historical profile flagging anomalies and emerging patterns and trends in terms of;
- Changes in the overall portfolio.
- Change in claims characteristics.
- KYO – changes, emerging patterns and trends in claimant and claimant representative behaviour.
- Linked entities and emerging linked entities in claims activity and the potential of fraud/organised fraud.
Unfettered access to 100% of data for;
- MI/BI reporting
- Claim investigation.
Personal Injury Portfolio Management
360Retrieve enables the day-to-day oversight of what is happening in Portfolio – “Portfolio Management”.
- case by case evaluation and assessment of personal injury claims.
- Overall personal injury book assessment and profiling by category
- Extraction of data both structured and unstructured to populate 360Retrieve QC to automate the valuation of personal injury claims
- Management of personal injury claims from minor to multi track and large loss.
- And automated calculation of changes on injury portfolio for increase/decrease of discount rates.
Get in touch today to find out more!
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