New Module Development: DOCOInsights
DOCOsoft has been making great strides in the world of data analytics and machine learning, that’s why we are working on delivering Insurance Insights to allow Managing Agent clients to make quicker, better and more effective decisions.
The new module will help DOCOsoft to align our business with the Future at Lloyd’s outputs from blueprint 1. We are introducing DOCOInsights – a new platform based around data analytics and 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.
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.
DOCOInsights 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. Our platform offers the ability, as part of the Claims Management System, to drill down into the finer grained 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.