Avoid paralysis by analysis with the claims data 'quicksand' by unlocking all your unstructured data.
At individual claim level, 360Retrieve delivers ongoing risk-profile monitoring throughout the life cycle, scanning for the possibility of fraud through watch lists that can monitor claimant representative firms using complex rules to provide fraud indicator alerts.
At portfolio level, insight to injury types being claimed for will be crucial. Data from SCNF’s, settlement forms and medical reports is aggregated to provide a holistic picture. Injury type creep into areas such as tinnitus, lower back, wrist, arm and leg is a clear risk, and compensators will need the ability to real-time trend analyse these developing themes.
Claims that are launched in the OIC or otherwise - but that have potential exceeding the initial presentation - are a clear cost threat to compensators. The 360Retrieve rules engine comprehensively scans for and identifies cases with cost development potential.
These cases with latent unrecognised potential could more properly be suited to Fast Track, Multi Track or Large Loss and the ability to deploy the right expertise early on can be game changing in terms of eventual outcome.
A recently deployed use case has delivered an 80%+ rate of reserve revision on such cases following introduction of 360Retrieve.
Every claims practitioner knows that the same claim may be presented and pursued in a variety of different ways depending upon the claimant representative. A key functionality delivered by 360Retrieve is “Know Your Opponent” analysis. Understanding the behaviour propensities of individual firms, and even individual practitioners within firms is central if the ability to develop bespoke responses is to be secured.
When taken for example, in conjunction with injury type analysis, it becomes clear how insight is vital to the understanding of where new trends may be developing and the strategies claimant representatives may be pursuing.
Overlay this further with other dynamics such as geo-mapping and it is possible to quickly build a rich picture of a portfolio in order to deploy appropriate counter-strategies.
In many instances, bodily injury will be only one of the heads of claim faced by the compensator – consider the huge value deriving from the ability to correlate data across heads of claim, as claimant representatives shift their business strategies to maximise value from multiple elements within the same overall claim.
Only by accessing for slice & dice analysis the entirety of the data in claims being presented, can a compensator hope to truly understand the developing challenges that whiplash reform presents.
Only a minority of overall data will be presented in structured form and even then, will only be capable of analysis if systems are appropriately configured and constantly developed in response to observed trends. So much more of the overall insight potential exists in the unstructured data formats that 360Retrieve can unlock. The ability to access a one-world view of all of the data represents the only possibility for understanding in real time how the dynamics within a portfolio may be shifting adversely.
Check out our Whiplash Reforms article touching on the data ‘quicksand’ within the Official Injury Claim (OIC)