|From Insights to Action |
Practical ways insurance analytics can be sure to deliver operational improvements
Insurers like companies in most industries have worked for years to increase the efficiency, improve customer satisfaction and reduce the cost of their operations at the same time. Decision analytics, and the ability to dissect data and patterns more granularly than a person, has opened the doors to identify improvements like never before. Data scientists are in demand, but the best model on its own cannot improve the top or bottom lines.
|Text Mining |
Tapping sentiment to deliver efficiency and empowerment for insurance operations
Big Data is enough of a buzzword now that companies know they can have more information than ever about their operations. Some data points like customer addresses, purchase information or multiple-choice-survey answers fit neatly into reports. However, savvy insurers are finding richer insights in unstructured data like on-site inspection notes or those taken by a contact center agent. Without a specific type of decision analytics called text mining, these insights stay hidden unless companies have the resources to pour through these notes manually, which would be at least inefficient and imprecise, if not impossible.
|Model Patients |
The Power of Predictive Analytics to Cut the Cost of Hospital Stays
For years, hospitals and health plans have been looking for ways to identify and remove inefficiencies in care delivery, and these efforts will only become more important. Predictive analytics is becoming an indispensable tool to mine massive amounts of health data in an efficient way, especially important given the recent, unprecedented healthcare reform.
|Moving on... |
What pushes finance leaders to change delivery models?
Finance executives evolve delivery models over time, but when do they change from one model to another, and what drives that change? In a market first, EXL and the Outsourcing Center, asked finance leaders to describe this journey, giving the industry its first glimpse into the motivations — and the timeframe — for taking next steps.
|Social Marketing |
What social media can tell companies about their customers’ buying habits
Social media are remaking the business marketing landscape in much the same way that violent seismic events once remade hills into Himalayas. The tectonic actions of Facebook, Twitter, and LinkedIn have heaved up mountains of unstructured data. From a business perspective, most of those terabytes are worthless. Hidden from view, however, are marketing riches that track customer life events. Visionary businesses are rushing to stake their claim. Enter analytics.
|Improve First Notice of Loss Performance|
Data captured at the time of first notice of loss (FNOL) drives decisions through the entire claims lifecycle. From coverage verification and accurate loss reserving to claim settlement, subrogation or litigation, FNOL is where Property & Casualty insurers get the best information pertaining to the loss.
|Solving the Subrogation Problem |
Inefficient subrogation processes have persisted for decades, driving up costs, upsetting policyholders, damaging brands and draining insurance companies of potential profits. Unwilling to continue the status quo, companies are nonetheless unsure what to do about it. This article gives an overview of the subrogation problem and insights into three potential solutions.
|Meeting Escheat Regulations|
Life insurers and annuity providers have long struggled with unclaimed death benefits known as abandoned property, but recent regulatory changes have made this issue even more challenging and solutions more urgent.
In this article, EXL updates the immediate concern around abandoned property for L&A providers, the new compliance landscape governing abandoned property, and the case for partnering with an operations services provider to solve the problem.
|Reducing Claim Overpayments |
Helping Curb the Cost of Healthcare
This longstanding problem is exacerbated by increasing claim volumes and the growing complexity of contracts and claims. Auto-adjudication of claims for timely payment requirements results in pricing inaccuracy resulting in leakages. Losses can be staggering and are estimated to be ~2% of medical expenses.