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Proactive Analytics Strategies

Will predictive analytics be the next killer app for claims handling? Insurers seek higher-order optimization opportunities to increase internal efficiencies and customer satisfaction.

By Keith Peterson | Updated on September 29, 2011
Currently, three fast-moving developments are fostering opportunities for predictive analytics to finally make a big play in the world of claims operations. Following the Great Recession and ongoing economic strain, insurers are adapting their business models to a “new normal” era of intense market share competition, rising loss costs, and a complex regulatory environment.

Optimization As The Ultimate GoalSo will predictive analytics be the next “killer app” for claims handling? Insurers have already integrated a range of workflow and automation tools. Because these solutions have paid off by cultivating improved performance and a streamlined claims handling process, insurers are now looking for higher-order optimization opportunities to increase both internal efficiencies and customer satisfaction.

Optimization means minimizing the cost of adjudicating claims while maximizing all stakeholders’ satisfaction with the resolution of each claim. Most insurers can identify a number of areas for improvement in this domain, including:

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