ML Claims Cost Predictor
· Produce better loss ratios
· Faster settlements
· Reduce unnecessary payment of future claims
· Shortens the life of claims
· Quick access KPIs
· Data visualization
· Trends in claims
· Predefined Insights
· Historical comparison
· Early alerts of claims with the potential for high leakage
· Custom alerts to help your team in the claims handling process
· Receive predictions as soon as a new claim is filed
· Automatically updates probabilities as data and claim condition changes
AI + BI = Predictive Analytics
We use the combination of Artificial Intelligence and our Business Intelligence to form robust predictive analytics on Workers’ Comp and General Liability Claims. Our Core engine is able to uncover complex patterns, trends, and correlations that otherwise would go unnoticed. Our Claims Predictor gives claims specialist, TPA’s, and other stakeholders in the claims lifecycle process the tools and insights they need to reduce the overall claim cost for their organization.
How it Works
Our Claims Predictor connects directly to your internal data sources, integrates it with applicable external third-party data, and crunches it through our core engine to discover hidden correlations that show the true nature of the claim. In real-time, as a claim is reported, our platform automatically flags the claims that are problematic.
At 90% accuracy, the Claims Predictor predicts the probability a claimant will solicit legal representation and the probability the claim will move into litigation. A cost prediction benchmark updates as conditions of the claim evolve. This allows cost containment efforts to be applied to problematic claims starting day 1 of the claim.
MIC & TRAC
Combining the claims predicator with our mobile in-field reporting apps, MIC & TRAC, feeds clean data straight into our engine, bringing even more accurate results. Our mobile apps also arm you with a full digital defense file.