DOCOinsights
DOCOInsights
The need for advanced claims analytics solutions has been driven by globalised competition, data overload, more stringent risk and compliance requirements, new regulations and changing consumer behaviours. Many London market claims teams are therefore turning to analytics to gain insight and enhance performance. Weaving analytics into the organisational fabric can position Managing Agents for strategic, competitive and cost advantages.
Behavioural Insights DOCOinsights
Insurance companies collect and retain a large amount of data on their customers. For example, their processes fold in items such as telephone recordings, customer feedback, market prices and even socio-economic information.
These days, significant quantities of public data (from census information to social media data) and third-party statistics (from lifestyle information to shopping) are now available and accessible. Overlaying these added inputs to enhance internal company data could potentially allow London market operators to gain deeper insights into their customers’ behaviour and preferences.
Granular Data
At the moment, we have barely scratched the surface of what new information can be analysed by claims management systems but we will have a detailed view and complete picture thanks to more granular claims workflow triggers with all the data analytics opportunities that entails.
Sophisticated artificial intelligence (AI) and big data will underpin future insurance solutions such as when and how to proactively manage the customer claims experience or how to enhance retention of the most profitable customers, for example. Risk carriers that are able to make effective use of big data and advanced AI could develop substantial competitive advantages.
Door Marked Innovation
DOCOsoft is ushering its insurance clients through the door marked innovation to take advantage of data insights that have the potential to deliver meaningful business impacts. Our existing claims management system is proving to be an excellent platform for delivering insight capabilities, which then provide a more customer-centric data model.
Our CMS is now the launch pad for a third of Lloyd’s Syndicates to capture and analyse data from multiple channels within and outside of insurers’ ecosystems. Predictive insights that can zoom into core business processes, by delivering real-time analytics is all on the DOCOsoft menu of services.
Real-time and historical data will be critical to insurers’ day-to-day operations and their ability to drive smart operational decisions. Real-time embedded dashboards such as the technology engineered by DOCOsoft are providing immediate insight to claims adjusters.
Claims managers and their C-suite leadership teams are more aware than ever in these COVID-19 times of operational trends being an important tool in reducing costs and fine-tuning customer service processes. In this environment, better data analytics can identify opportunities and risks from the daily business.
InsurTech Super Users
As customer sentiment and behavioural analysis grow in importance targeted insights will play an increasingly important role in the knowledge economy. Machine learning, A.I. robotics, and claims analysis that segment, detect and predict will require collaborations between companies like DOCOsoft and their insurance partners to build a new community of InsurTech super users.