A growing number of insurance companies, self-insureds, and third party administrators (TPAs) have embraced predictive analytics as a powerful and innovative way to enhance their claims management and adjustment processes.
Early adopters that have implemented end-to-end claims predictive analytics have observed better claims outcomes and bottom-line loss cost savings of up to 10 percent of an organization’s annual claims spend driven by a number of factors:
- Improved assignment of adjusters, medical professionals, and specialty resources at first notice of loss (FNOL) and throughout the claim life cycle.
- Increased focus on high severity claims, where case management and early adjudication can make a significant difference.
- Improved quality of special investigative unit (SIU) referrals as well as a focus on deterrence versus evidence collection.
- Enhanced focus on return-to-work (RTW) programs and safety measures.
- Curtailing claims duration via patent pending injury grouping methodologies that segment seemingly like-injury claims.
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