Introducing DOCOInsights

Welcome to the first in what is going to be a regular series of blogs, thought leadership and insights on a range of claims management topics. As you may know, DOCOsoft has been making great strides in the world of data analytics and machine learning, that’s why we’ll be delivering Insurance Insights to allow you to make quicker, better and more effective decisions. Below is the first blog in this series of insights.

A New Approach to Visual Analytics

The DOCOsoft virtual community meeting held online in the summer was the perfect forum to outline business process transformation that will align our business with the Future at Lloyd’s. During the forum we introduced DOCOInsights – a new platform that we’ve been working on around data analytics and especially visual analytics. Claims handling is a very data intensive process with policy data, SCM and Write Back message data flowing between brokers, experts, and Managing Agents’ own internal data. On top of that, the claims handling process generates more data. It’s hard for Syndicates to keep on top of all this information.

Watershed Moment for UK Insurance

As a recent report highlights, the 2020 pandemic lockdown will be a watershed moment for UK insurance. The glut of ‘Business interruption’ claims will put pressure on insurers, distance working will force companies to examine how their staff workflows are managed, the adoption of remote working solutions and implementation of new technologies for claims, underwriting and client engagement will also be accelerated. We know from industry research and reports that insurers who do manage and utilize their data more effectively are in the top financial quartile, make quick decisions, and their decisions have the intended results. Real time and historical claims policy and operational data can extract key insights. DOCOsoft set out with the aim of turning that usable information into insights that drive smart operational decisions in a measurable way – reducing the turnaround time on marine claims under £50K, for example. We want to provide real time feedback by working with MAs to increase turnaround times or reserve accuracy.

Interesting Patterns

DOCO Insights visualisations highlight interesting patterns, with a throughput to real time insights on claim transactions, volumes and value, which can be broken down by cause, code, handler, class of business, and many other features. Once categorised, these can be broken down by timelines into days taken to complete transactions, open and closed claims and meeting key milestones. Then we can factor in the claim age, incurred and reserve bands, long and medium term trends across all finance for financials, SCM data, Write Back data, and lead reserve data. Our platform offers the ability, as part of the Claims Management System, to drill down into the finer grained data. The platform can grade claims risk in a kind league table of value where, for example, you might have a hotspot in Kazakhstan for energy claims. Such hotspots are then broken down by particular insurance and triage category as well.

Zooming in on Data

The system can zoom in on the number of claims handled by a particular claims handler’s name, the financials of the claim data would automatically change and so would the map, and the insurer’s details would be enlarged to get a real time fine grained view of how the handler is doing. Better operational data from measuring the average number of days for claims to close, individual and team performance levels per class of business, and time taken to complete a transaction are all available.

In the next blog, we will talk about the services DOCOsoft is now looking to provide based around claims reserving data.