Insurance Analytics and AI for Reliable Expertise and Foresight
DOCOinsights is our insurance analytics and AI solution that offers you real-time record-keeping and streamlined data collection to create reliable reports in no time. Comprehensive analytics give you the vision and ability to plan for the future and maintain a competitive advantage.
What is DOCOinsights?
Anyone in the insurance industry knows that one of the main challenges is the volume, velocity and variety of data.
- Volume: a massive amount of traditional insurance data supplemented by data from IoT, chatbots, portals and third-party aggregators.
- Velocity: a constant and fast-paced stream of photo and video evidence from incidents.
- Variety: claims data, policy data, scanned expert reports, sensor data… all using different structures.
It can be almost impossible for insurers and reinsurers to assess it all, never mind streamline and process data so that it can be turned into actionable insights that help you get ahead in a competitive market.
DOCOinsights offers the solution. Using insurance analytics and AI, our insurance reporting software delivers actionable insights that allow you to make quicker, fully informed and more effective decisions.
DOCOinsights insurance analytics and AI features
Challenge: Claims and policy data is spread across different teams, carriers and databases, making it difficult for managers to get a clear view of claims activity.
Solution: DOCOinsights complements DOCOsoft’s reporting suite, by providing managers with a clear and near real-time overview of all claims-related activity.
Challenge: Carriers are striving for quicker turnaround times and higher closure rates, but measuring the effectiveness of these efforts is not easy.
Solution: DOCOinsights highlights areas of weakness and strength in time taken to complete transactions, time taken to close claims, closure rates and other metrics. What’s more, it will highlight how you can improve in problem areas.
Challenge: Claims managers want to see how their teams’ current workload fits into medium and long-term trends. This data is not currently at the fingertips of claims managers.
Solution: DOCOinsights situates the current workload within medium and long-term financial trends.
Challenge: Reserve accuracy is a key metric for the claims team and actuaries. However, claims handlers involved in the detail may miss a higher-level trend, while actuaries working with aggregated data may miss a lower-level trend.
Solution: DOCOinsights assesses reserve accuracy across classes of business, carriers, handlers, locations, lead and follow markets, experts and more.
Challenge: Consistency of service is an important metric, but reserving practices, turnaround times and expert appointments may be inconsistent across the claims team.
Solution: DOCOinsights reveals inconsistency in reserving, time taken and other metrics, allowing remedial action to be taken.