Insurance
"…In the quarter-century between 1979 and 2003, the insurance industry failed to generate even a single underwriting profit, but did manage to run up $465 billion in underwriting losses."
Since 1975 to now, the cumulative underwriting deficit is reported to be $442 billion. A.M. Best, Insurance Information Institute
Spiraling operational costs, heavy losses, increasing regulatory pressures, and rising claim settlement costs fuel intense competition in the insurance industry. Insurers are struggling to stay afloat and realize that they require in-depth knowledge of customers, products, operations, and finances to succeed. To get this knowledge, most insurance companies spend significant resources gathering the data necessary to piece the information together. Unfortunately, many insurers are held back by disconnected data and systems.
Core business processes including policy management, insurance collections, claims management and reinsurance management all need to leverage information across the organization to be effective. Traditionally insurers have spent billions as an industry on data warehouse and business intelligence solutions, but often end up with less than desirable results. As a result they struggle to optimize processes, effectively identify and prevent fraud, or deliver the high levels of customer service the market demands. To rectify this, insurers need to solve their age-old problem of being "data rich but knowledge-poor."
Enter Chiliad Discovery/Alert
Chiliad Discovery/Alert helps insurers utilized all available data resources both structured and unstructured and provides the analytical power to help them become “knowledge rich” which in turn immediately improve their ROI in several key areas.
Chiliad Discovery/Alert Key Applications and Benefits:
- Accelerated Claims Management
- Successful Fraud Detection
- Improved Compliance Management
- Better Business Intelligence
- Increased Operational Efficiency
- Improved Return on Investment (ROI)