Claims
Over the past several years, advancements in technology in the insurance industry focused mainly on improving results in underwriting. As personal and commercial lines are now also experiencing several avenues of opportunity for technological advancements, the insurance claims industry is now set to reap the benefits. One of the most compelling opportunities for claims is predictive modeling.
Predictive modeling has a meaningful impact for claims in the areas of fraud management, salvage, reserving and subrogation. Predictive modeling identifies subtle, interrelated patterns in claims data indicative of fraud.
Some of the benefits of predictive modeling include:
- Handling extremely large volumes of complex data rapidly.
- Identification of rare events in large data sets.
- A highly scalable scoring and processing engine which scores claims at every update – from FNOL through the life of the claim.
When these tools are properly introduced into the claims workflow of a carrier, they result in a significant increase in the "quality" of the claims identified and a reduction in the cycle time required to get these claims to the appropriate professionals.
ChoicePoint has the solutions you need to assist with your claims process. Our comprehensive suite of products can help you authenticate your customers’ identities, identify the likelihood of fraud at the earliest possible moment, provide online verification of police reports, and more!
For more information on solutions that can assist you in the claims process, please click on the links below:
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