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Track end-to-end claims life cycle, detect fraud at the right time, disburse claims quickly and ensure customer satisfaction.
Improvement in technology has opened many doors for insurance companies and customers to interact with each other. A customer can put up claims using website, email, phone, post through broker or agent. Insurance companies are on the look out to fast track their claims processing to ensure customer satisfaction and reduce customer attrition. On the other hand, risk of fraudulent claims loom high in this industry. Other challenges such as inaccurate loss reserve, unstructured data, limited resources and rising legal costs have hampered the bottom line. Leaders support availability of real-time information from claims processes as this helps in understanding claims life cycle from the point of notice till completion. This data can enhance claims processing time, point out fraud claims and improve bottom line.
By using our claims analytics dashboards (a part of insurance analytics dashboard suite), managers can get real-time insight in every touch point of claim’s process. They can analyze the modes of claims submission, identify current status of the claim, point out fraud claims, prioritize claims and reduce claims processing time.
- The claims analytics dashboard is a part of our insurance analytics solutions that gives comprehensive insight of claims processes.
- Claims volume by month gives insight about claims reserve, claims volume, value paid and processing cost.
- View claims volume as per the incident to understand claims trend. And, get details of claims amount and claims calls pertaining to a specific incident.
- Calculate average number of days to get claim notification, acknowledgment days, decision and settlement days.
- Our claims analytics dashboard gives details about different media used to notify claims.
- Analyze claims details brought in by broker. Details such as volume of incidents (theft, fire, subsidence, accident and more) can be analyzed.
- Check media used by broker to notify claims. Different media such as email, fax, phone, post or online can be assessed.
- Filter report further as per broker to check the volume of claims put up by every broker.
Claims Processing Cost
- This dashboard gives details about claims processing cost. Its a combination of chart and graph to simplify decision making.
- Pie chart represents the percentage of claims put up by different modes.
- Analyze claims media such as calls, diaries, emails and posts to see the volume of claims coming in from them. Also get a graphical view of claims cost by type and month.
- Drill deeper to see the cost of every claim differentiated by media and processing time taken to fulfill them.
Claims Life Cycle Analysis
- Get detailed view of insurance life cycle.
- This is a drilled down view of insurance claim cycle starting from notification till completion.
- Check monthly trends and time consumed in terms of days for factors such as claim notification, claim acknowledged, decision days, settlement days and closed days.
- Also check claims volume at every life cycle stage.
- Drill deeper in the incident portfolio to understand the types and volume of incidents and claims costs.
- Get aggregated claims detail of every year with an option to filter report as per year, customer name, claim settlement amount, processing cost and more.
- Get real time information about claims life cycle and its current status. Check routing details as to which entity or employee is currently handling which claim and ascertain average time to settle one claim.