Insurance is a very risky and competitive industry as it relies on a multitude of factors. To gain an advantage in the industry, insurance companies constantly test new policies to prevent fraud and achieve competitive pricing. Data analytics helps insurance companies decrease costs, streamline operations, and enhance their customer value proposition.
Achieve competitive market pricing by implementing new policies.
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Detect and take action on insurance fraud. Prevent fraud before it even occurs using fraud prevention.
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Assess your organization’s data potential and start a data transformation.
More About DELTAIdentifying claims for disability that meet the requirements for approval was a time-consuming and error prone process. An analysis by the Social Security Administration showed that some claims were taking over two years to be processed.
Elder Research built an automated “express lane” to move the high-risk applications through the process more quickly. The text mining software automatically scanned incoming applications to approve high-risk applicants without forcing them to wait for the vast number of applications submitted before them to be processed.
The solution allowed 20% of the claims to be approved immediately allowing the organization to focus resources on the most challenging cases and ensure that all statutory requirements were met.
