White Papers and Research
Advanced Data and Analytics for Property Casualty Insurance—the Cure for the Medical Provider Claims Fraud, Waste and Abuse Epidemic
Many industry organizations estimate that fraud, waste, and abuse by medical providers cost the insurance industry hundreds of billions annually. It's a devastating epidemic that's gaining momentum. But now there's a prescription.
In order to help insurers address the fraud problem, our claims experts have developed a white paper, Advanced Data and Analytics for Property Casualty Insurance—the Cure for the Medical Provider Claims Fraud, Waste and Abuse. Within, we examine how powerful new data analytics can empower insurance companies to detect, investigate, and deter potential fraud.
By downloading this white paper, you will:
- Understand why property casualty insurance carriers must move beyond the traditional "bill review" approach to address medical provider fraud, waste, and abuse
- Discover a strategy to more effectively uncover and fight medical provider fraud
Customer attrition costs carriers billions of dollars each year in lost premiums and profit. And it shows no sign of stopping. In fact, LexisNexis® research suggests that more than 30 percent of insured households shopped their auto insurance at least once in 2014. To stem the tide, carriers need an effective customer retention strategy—a topic that we address in our latest white paper.
Proactive Customer Retention: A Driver of Long-Term Profitability for Personal Auto Carriers explains how data and analytics can help carriers:
- Identify and acquire those customers that best align with the organization's risk appetite, capabilities and services.
- Develop a customer experience agenda to define regular touchpoints, add value and strengthen the relationship over time.
- Understand each customer's unique needs—and address them in an automated, scalable manner.
Competition within the group and voluntary benefits markets remains extremely fierce, leading insurers to look to technology for a competitive edge. Underwriting remains a key focus, as insurers of all sizes seek to grow more profitably.
A recent web seminar hosted by Insurance Networking News explored how an advanced underwriting desktop let underwriters respond to market changes with greater consistency and better pricing, while increasing customer satisfaction and retention.
A Modern Platform & Emerging Technologies, with Power BI and Wearables: The Impact on Claims Performance
Sponsor: Systema Software
Today, with an increased volume of transactions and data to manage, insurance companies are looking to replace legacy systems with a modern platform that could truly impact costs, efficiency, and service. At the same time, they want to keep pace with emerging technologies, such as Power BI and Wearables, which could further impact claims performance.
In this white paper, you’ll learn about:
- The business drivers that are leading organizations to replace legacy systems and key criteria they’re looking for in a modern platform
- Business Intelligence and Power BI tools that deliver data analysis and reports at amazingly fast speeds
- Wearable devices and their various applications, which are just beginning to be realized, but by all estimates, they will have far-reaching implications for insurance programs.
- The benefits reaped when leveraging a modern platform and emerging technologies.
Voice of the Customer (VoC) programs have become an established path to delivering enhanced customer experiences, engaging employees and driving business change. Discover the 7 secrets that will guide you to a successful VoC program, and set you on the path to VoC enlightenment.
Learn how American General Life Companies, uses an advanced enterprise feedback management solution and expert consultant guidance from Confirmit to capture daily transactional data across business groups, respond to and resolve issues in real time, and improve the business processes that impact customer satisfaction.
Philadelphia Insurance partnered with Confirmit to design and implement a Voice of the Customer (VoC) program to enable the insurer to gain a line of sight into every part of the customer lifecycle. Learn more about Philadelphia Insurance successes, including:
- Between 2010 and 2013, the insurer’s Net Promoter® Score or NPS, rose from 52.7 to 55.3
- Management now relies on an automated alert system
- Renewal rate change increased by nearly 3%
- Customer retention now exceeds 90%
Research suggests that businesses who offer the best customer experiences have lower customer churn and higher levels of referrals-based business. The Voice of the Customer provides clear insight into the experiences your business provides, so you can refine them and reap the rewards.
The IBM Counter-Fraud Management for Insurance solution is designed to help insurers prevent and intercept attempted fraud while detecting, identifying, and building the case against past fraudulent activity and improper payments.
Big data and analytics help insurance companies identify the next best action for customers. With the right solutions, companies can extract, integrate and analyze a large volume and variety of data, from call-center notes and voice recordings to web chats, telematics and social media.
If insurers want to succeed in today's digital world, they need to create experiences and business models that are orchestrated, symbiotic, contextual and cognitive.
As the world changes around them, many insurers are struggling to be profitable. A combination of disruptive forces — some economic, some societal, some technological — is shaking up the insurance industry comfort zone. Yet some leading insurers manage to stay ahead of the pack, but how?
IBM offers a comprehensive solutions portfolio that helps insurance companies integrate big data and analytics capabilities into their telematics strategy. The portfolio incorporates dozens of new patented technologies developed by IBM Research and builds on IBM Watson Foundations.
Synthetic identity fraud (SIF) is a fraud that involves the creation of a fictitious identity. This paper explains how it works and what the identities are being used for, identifies the industries being impacted and shows who is most commonly targeted and why.
With each passing day your records and information program becomes less about archiving your institutions past, and more about how your vital information can be used to measure performance, drive business action and enact change. Building the proper measurement tool can help financial service companies accurate gauge performance relative to business goals. While many institutions use metrics to report on their records and information program, Key Performance Indicators (KPIs) use metrics help institutions drive action. In “A Records and Information Manager’s Guide to Assessing Performance Risk for Financial Services” Iron Mountain has published a practitioners’ guides to help records and information professions, and their many partners, continue the evolution of their programs and deliver value.