Business Intelligence for Insurance : Claims Analytics - FellowDSS

	Claims transactions reporting and analytics platform All business sectors have their ups and downs. The cyclical nature of the Insurance Industry can be particularly difficult to manage. Today, Insurers are hard pressed to clamp down on expenses, especially given the low profitability margins that have been the norm rather than the exception for the past few years. For this reason, leading carriers are investing in support systems to manage and monitor their Claims operations. While investments in Decision Support systems are often made based on tactical operational business rationales, investments in such systems provide a high return strategy to help predict and ultimately, reduce the rising claims servicing costs over all lines of business. Working in conjunction with a large Property and Casualty insurer in Canada, we have successful developed FellowDSS Claims Analytics by adapting and customizing our FellowDSS Foundation, the industry's leading Insurance-specific Analytical Application platform. What is FellowDSS Claims Analytics? FellowDSS Claims Analytics is a Claims Analytical Application for P&C insurance that delivers pre-built and highly-customizable insurance contents that allow reporting and analysis of claims transactions throughout each dimension of the claims process. FellowDSS Claims Analytics is also a useful complement to your operational claims management solution. For example, FellowDSS Claims Analytics trending reports on the amount of time between filing and closing a claim can help you determine the overall productivity of the claims management process. It can also be an indication of the level of customer service that is being provided by the claims division or the claims office. FellowDSS Claims Analytics is built on the most comprehensive Business Intelligence Platform for Insurance, FellowDSS Foundation and benefits from the robustness and data integration capabilities inherent to FellowDSS Foundation. Benefits include: Rapid processing and reporting of payments and incurred losses; Early identifications of abuse; Real-time identification and management of claims activities; Pro-active management of claims offices; Automated identification & reporting of Catastrophic Events via email or web alerts; Loss Experience reporting and management; Loss Experience at the Current Rate (On-Level Experience) available when combined with FellowDSS On-Level Analytics. How does FellowDSS Claims Analytics deliver these benefits? FellowDSS Claims Analytics comes with a sophisticated data model that addresses all the crucial areas of Claims processing. Pre-built, and highly customizable, the data model can be implemented much quicker than traditional Business Intelligence methods. Included in the basic model are all key data elements concerning claims, types of claims, lines of business, adjusters (internal and external) and transaction dates (filing, events, reserve posting, incurred losses). Additionally, the model includes commonly derived metrics including incurred losses, premiums, loss ratios, claim counts and other contribution metrics. Together, the pre-built and accommodating data model and Report Objects make FellowDSS Claims Analytics a highly flexible and powerful ad-hoc analysis tool capable of tackling the most sophisticated claims analytics requirements. FellowDSS Claims Analytics provides a sophisticated and flexible reporting and analysis interface, as well as supports data manipulation or analysis within Excel. For more information on FellowDSS Claims Analytics, please contact us. Also see FellowDSS Foundation Product Brief (PDF)