Claims

Claim expenses represent the insurance company's greatest expense. The i4 customized business intelligence solution provides the claims department with tools that can improve the efficiency and effectiveness of the claims settlement process.

Historical claim experience may be used to identify emerging claim trends, detect issues that may require strict loss control actions, and manage the performance of employees and vendors (e.g., attorneys and adjusters). Detail claims data also assists insurers to detect fraudulent claims, assist in planning contingencies for imminent catastrophes, and provide the foundation for reinsurance modeling (facultative, specific excess, excess treaty, catastrophe and quota share).i4's business intelligence solution has helped many companies better manage their losses, including one private company who reduced their non-cat loss ratio from 80% down to 22% in just one year.

If the data model and warehouse is in appropriate order, the following is a select sample of measures, reports and analyses that may be achieved by implementing an i4 customized business intelligence solution:

  • Severity Trends and Claim Closed Rate Trends by Adjuster or Vendor.
  • Analysis of "Shock Losses" and including/excluding various loss thresholds.
  • Length of Disability Trends and Average Days to Close Trends by Product, Cause of Loss/Injury, etc.
  • Loss & LAE Ratios, Medical to Indemnity Ratio, Litigation Rate, Large Losses, etc.
  • Loss Development Triangles by any combination of dimensions (e.g., Product/LOB, Distribution Channel, Geography, Class, Construction, Risk, Demographics, Injury Type, Adjuster, Cause of Loss, Claim Status, Claim Category, etc.).