ANALYTICS SOLUTIONS

Insurance

Real-time visibility to help insurance companies understand their liabilities and reduce risk.

With more insurance companies turning to robust analytics solutions to better understand their liabilities, risks, and underwriting expenses, CoEnterprise has you covered. Let us help empower your data and analytics operations.

Whether you are trying to collect data from a variety of internal or external sources to better understand and predict the behaviors of insureds, using predictive modeling to prepare for the underwriting workload, or evaluating the impact of a stress scenario on your book of business, we have the expertise to help you visualize your data in one central location–with just a few clicks.

Call Center Claims Handling & Monitoring

Are you struggling to monitor your call center claims? Are you unable to get clarity into which regions are closing claims in line with your specified target timeframe to ensure customer claims are being processed in a timely manner?

Our Call Center Claims Handling & Monitoring dashboard enables you to gain greater insight into your claims business. You can seamlessly track call center effectiveness, identify the number of claims a specific team member is closing out, and easily see how long it takes for claims to be closed out–all allowing you to evaluate your team’s overall effectiveness.

This dashboard seamlessly integrates directly into CRM workflow to allow for immediate follow up (like clicking through to Call Representative Object through Salesforce Embedding). It natively integrates data from IVR systems, (for example, to deepen analysis using external data like call statistics), and integrates into the business workflow, enabling the tracking of claimants through their customer lifecycle.

How will this dashboard help you?

You’ll get greater visibility into:

  • Claims-to-call percentage
  • Effectiveness and efficiency of your claims business and individual contributors
  • Claims cycle time against KPIs, Average time-per-case resolution
  • Number of touch points per claim, plus lots more

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Identifying Fraud

Identifying & Monitoring Fraud. Following-up on Claims with High Overall Suspicion Score

The total cost of insurance fraud (non-health insurance) is estimated to be more than $40 billion per year. An astonishing number.

That’s why it’s vital for insurance agents to continually monitor and assess the number of claims received compared with claims that have a high overall suspicion score–which is based on a number of fraud factors for each claim. This dashboard seamlessly integrates with your existing ML/AI systems.

How will this dashboard help you?

You’ll get greater visibility into:

  • Past fraud cases plus the ability to continually review and rescore claims using Suspicion Scores
  • Patterns that reveal fraud
  • The relative level of fraud potential for every type of claim allowing the best and quickest action to be taken
  • New fraud trends and the ability to spot them early to stay ahead of those making the fraudulent claims

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Book of Business

Better Understand your Book of Business

Are you an insurance broker who is looking to better understand your book of business? Our Insurance Broker dashboard does exactly that. Insurance brokers and team leads can easily identify and track insurance financials on the branch and broker/producer level. You can easily drill down to your different lines of business and better understand your retention rates for both policy and premiums. The dashboard gives you a high-level summary of your quotes, from submitted through to quoted and written, along with your hit ratio, declination ration, total premium, and written premium. This is a must-have for all brokers!

How will this dashboard help you?

You’ll get greater visibility into your:

  • Book business, from quotes through to written premiums
  • Retention rates for both policy and premiums
  • Different lines of business to help you identify trends and demand across your product lines
  • Sales teams efforts and easily identify how they are performing against your stated KPI’s
  • Your target markets and identify potential new opportunities within new markets. Easily determine where your focus should be
  • Buyers – understand their needs, demographics, geographical locations to help you better manage your marketing spend and efforts to target similar personas

We’re helping the insurance industry combat their biggest challenges

40 Billion $

Insurance Fraud Cost a Year

90 Days

On average to settle a claim

40 %

Of insurance brokers time is spent on admin tasks

Empowering Success Through Data Visualization

How CoEnterprise’s Analytics Solutions can help your business grow and flourish

Provide Greater Visibility into Your Business

With the increased demand for predictive analytics tools, now has never been a better time to turn to a trusted partner to help you understand and predict the behaviors of your insured. Knowing how quickly your team is processing claims, being able to predict potential market/claim trends, understanding your liabilities, and knowing your risks are the foundation of your success and growth.

 

Empowering Your Data Collection Process

Collecting data from a variety of sources–both internal and external–to better understand and predict the behavior of the insured from a central location is paramount to your success. Whether that data is coming from customer interactions, agent interactions, smart homes, social networks, or other sources, understanding and managing it will help your claims and underwriting teams be more successful.

Improving Pricing & Risk Selection

With the increased variety and depth of data sources, information curated by insurance companies will become more actionable. Data collected from first-hand sources can provide valuable insights for insurers and will ultimately improve pricing and risk selection.

Improving Customer Experience & Empowering Brand Loyalty

Learning from your customers and providing a stellar customer experience is what will make you stand out from the crowd. Consumers are demanding more and it’s imperative that insurers understand and analyze the history and behaviors of loyal customers and anticipate their future needs to retain existing customers.

Transforming the Claims Process to Mitigate Risk

Using data, you can determine events, information, or other factors that could affect the outcome of claims. By streamlining the process and reducing the amount of time spent on processing and researching claims–which traditionally takes weeks or months–you can enable your claims department to quickly mitigate risk.

Check out our latest insurance executive roundtable discussion

We’ve Got You Covered. Empower your Analytics Strategy with CoEnterprise

  • Custom Dashboarding
  • Analytics Strategy Development
  • Data Strategy and Data Architecture
  • Data Cleansing and Data Prep
  • Enterprise Deployments
  • Legacy Migrations
  • On-Premise to Cloud Migrations
  • On-Premise to Online Migrations
  • Ongoing Training & Support
  • Alteryx to Prep Migrations

Interested in learning more about our Analytics Solutions for insurance companies?

Request a Consultation with our experts