Claims Data and Analytics Roadmap

Case Study

Claims Data and Analytics Roadmap

Business Objective

Our client is a Fortune 500 US-based insurance provider which offers P&C, life, accident and health and retirement products.

The P&C organisation was facing delays in several of their claims analytics initiatives because of challenges related to complex data acquisition processes and varying data access protocols. To address this, they wanted a systematic approach to identify the right internal and external data sources aligned to their business objectives, and subsequently build a foundational data store that becomes the go-to-source for all analytics needs.

Challenges

  • A clear roadmap of analytics use cases does not exist to guide the identification of data needs.
  • Business objectives and strategic priorities not documented in a form that this study could use

Solution Methodology

  • Conducted strategy interviews with 20+ business stakeholders to understand priorities across functions auto operations, casualty, med claims, total loss management, subrogation, litigation, SIU, compliance. etc.
  • Identified high importance opportunity areas e.g. exposure recognition and triaging, adjuster performance, customer satisfaction, subrogation recovery, litigation management, etc.
  • Identified over 20 analytics use cases based on “business need” and “potential impact”
  • Identified 30+ internal and external sources of data relevant to delivering the identified analytics use cases – including categories such as collision repair, bodily injury data, police reports, independent medical examinations, driving behavior, weather and more.
  • Prioritized a subset for initial development based on “what is readily available” or what can be used with simple “lift and shift”

Business Impact

  • Over 80% reduction in data turnaround time for analytics consumption
  • Data Store enabled new analytic use cases that delivered over $100MM in value
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