Claims Reporting vs Claims analytics
Claims handling is one of the most visible and critical areas in the insurance business. Hence claims IT managers find themselves being showered with requests to provide various kinds of reports and analysis of claims data and trends within the data.
The interesting thing about these reports is that they never quite satisfy the end users and the analysts who review the data. So, we find end users downloading the output into excel sheets and then pivoting, filtering, analyzing the data from various perspectives like breakdown by demographic, post code, gender, and the myriad factors that contribute to the claims experience.
If you are faced with such a situation, you should really consider implementing claims analytics.The beauty of claim analytics lies in that it enables you to deliver multiple perspectivies of the same claim for various roles and levels of management with only a few dashboards. The dashboards provide slicing and dicing features that enable end-users to view the data from various angles without reverting back to the IT department for a fresh set of reports. The dashboards can be presented in a graphical format such as pie-charts where users can drill down on specific pies that interest them and continue a deep-dive to reach the individual values that produced the anomalous data.
In other words the payoff from investing in claims analytics come from reduced expenditure on report generation,and empowerment of analysts and quicker response to market trends.