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.
Due diligence
The task of assessing a portfolio is crucial to a successful intervention. Establishing the scale of liabilities and risk within the book is only possible with the fullest understanding available – and that means the fullest possible analysis of all the available data.
How accurately are cases reserved? Are there unseen issues within the portfolio that haven’t been appreciated or sufficiently reserved? Are there process inefficiencies impacting reserving accuracy? These are key questions that fundamentally affect the valuation of a portfolio and that can only be properly addressed with analysis of all the information – including that sitting in unstructured data.
With intelligent deployment of unstructured data analysis, it’s possible to drill down to the detail that enables an informed and accurate assessment of risks. For example - scanning for the attributes present in high value claims enables latent unrecognised potential to be accounted for; running known and portfolio specific fraud indicators delivers an informed view of both the unrecognised fraud risk and the scale of likely leakage.
In life & pensions portfolios grouping exposures by policy type, by the presence of specific clauses and by other policy attributes can enable rapid assessment and valuation of exposures.
You can get in touch for a no obligation chat any time you like, we'd be delighted to show you how we can help.
Where do the issues lie?
One of the central challenges in portfolio evaluation is access to data. In many instances, historic portfolios are supported by aged case management and MI systems; these are typically characterised by limited data capture giving rise to serious constraints in the ability of MI systems to deliver meaningful insight.
By allowing a one world view of data, 360Retrieve delivers the aggregation of all available data from internal, industry and third-party data sources for book profiling. The value of unstructured data analysis in understanding exposure is crucial; it sweeps away the traditional limitations of legacy systems, allowing access to all risk evaluation information through the combination and interrogation of both structured and unstructured data.
Imagine the value vested in the ability to data-scan for portfolio exposure to environmental issues; strategic litigation or potential legislative change affecting a portfolio can be interrogated; issues such as that seen recently with construction methods – cladding and wall ties, or the impending reform of Whiplash Claims can be made the subject of specific analysis.
How do we overcome those challenges?
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.
For example:
- 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;
Hierarchical dashboarding;
- 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.
You may find our 'Making run-off run of rails' article insightful too.
In Operational Deployment
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”.
It enables;
- 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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