The insurance industry is uniquely primed for advanced analytics, due to long term, in-depth experience application of statistics to assess risk. Advanced analytics are transforming the insurance industry by pairing traditional actuarial methods with new data driven insights to propel companies forward and disrupt the way they do business. Forward-looking insurance companies are embedding analytics into every aspect of their organization.
Elder Research has deep experience helping insurance companies with assessing and identifying areas for growth, providing training and support, and delivering actionable insights by deploying effective predictive models and data visualization tools. Some insurance sectors where Elder Research has provided analytics solutions include:
- Long-term Disability Insurance
- Property and Casualty Insurance
- Life Insurance
- Health Insurance
Elder Research has over 20 years of analytics consulting experience leveraging information about policy holders and claims to help our insurance clients. Examples of our insurance analytics consulting services include:
From insurance claims prioritization and forecasting claims volume, to improving claims approval speed and accuracy, Elder Research can streamline your insurance claims process while reducing cost, improving resource utilization, and increasing customer satisfaction.
Insurance MARKETING ANALYTICS
Whether your company is interested in generating actionable insights about customer experience, customer segmentation, customer churn, or new customer acquisition, Elder Research can support your insurance analytics initiatives to provide your marketing team with the actionable data insight they need to succeed.
Elder Research enhances the utilization of existing insurance data, as well as incorporating third party data sources to identify new opportunities for underwriting, improving risk management, and creating more precise predictions.
Insurance FRAUD, WASTE, AND ABUSE ANALYTICS
With a long history of detecting and aiding in the recovery of funds lost to fraud, waste and abuse, Elder Research can help insurance companies identify unusual claims activity and prioritize your fraud prevention and recovery caseload.
There are numerous opportunities to apply analytics in insurance and reinsurance. Elder Research has the experience to strengthen and grow your company’s insurance analytics initiatives, whether you are new to analytics or looking to augment existing capabilities. Examples of our insurance solutions include:
Elder Research provided analytics consulting services to improve the management of long-term care insurance claims by anticipating the implications of changes in patient conditions and expanded care. The client wanted to be more proactive in helping the patients and their caregivers manage these changes. The model predicted escalation in claim invoice amounts months in advance, enabling the client to accurately identify cases likely to benefit from proactive intervention. This led to greater efficiency in claim management and improved customer experience.
Improving Claims Approval Speed and Accuracy
Elder Research combined text mining with traditional statistical techniques to create an analytics solution for ranking disability claims for approval. For the Social Security Administration identifying claims for disability that met the requirements for approval was a time-consuming and error prone process. Some claims were taking over two years to be processed, much too long for very ill or elderly claimants. The challenge was to effectively integrate the unstructured text describing each patient’s symptoms with traditional structured data.