Insurance – Improved Decision Making & Enhanced Insights

Insurance – Improved Decision Making & Enhanced Insights

An insurance company struggled with disparate datasets and manual document review processes. The company needed to improve its decision-making capabilities, and its underwriting and claims efficiency. Key information was only available in free-text documents, which limited the ability to include it in analysis.

 

Problem Solution Benefits
An insurance company needing to improve decision-making capabilities, and underwriting and claims efficiency, struggled with disparate datasets and manual document review processes. Connecting Frisk to its datasets resulted in a unified index which enabled global searches and global insights. Our intuitive UI enabled underwriters and claims officers to rapidly review cases and identify key data and trends instantly.
  • Improved pricing decisions by reviewing lost experience at a more granular level, involving insights from forms and emails.
  • Improved efficiencies by speeding up document review processes.
  • Improving customer
    experience via improved
    turnaround times.

Problem

An insurance company wanted to deepen its access into its application and claims data to improve efficiency in underwriting and claims management. The company struggled due to its data being held across different systems. Most of it was unstructured and required manual intervention. Significant inefficiencies in the claims and underwriting process could be eliminated through an enhanced document identification and review process.

Solution

Frisk connected information held in different systems and supporting documents, enriched the data and then used it to make better, more informed decisions to improve productivity and customer service. The process Frisk implemented included rapid indexing and OCR of the files to enable a detailed review. Next, the data was enriched with key insights to drive greater value. For example, identifying client occupations and medical conditions from the free-text, and classifying key documents (e.g. PMAR) by their content rather than their filenames. All frontline staff use the system to support improved customer service and streamlined operations. The self-service and intuitive nature of the UI means groups as diverse as Claims Officers, Actuaries and Underwriters are all able to aggregate information and gain insights as required.