Reduce costs and improve operational efficiencies by getting the right claim to the right people at the right time with LexisNexis® Claims Solutions.
LexisNexis' comprehensive, data-driven claims processing solutions help you identify high-risk claims earlier and move claims more effectively through the process, saving you valuable time and money.
In an increasingly competitive and challenging climate, our solutions help you achieve and maintain operational excellence by enabling insurers to:
- Make the right decisions on a daily basis
- Assign specialists to high-risk claims earlier
- Reduce case shelf life
- Reduce allocated expenses
- Improve outcomes
- How Analytics Can Help Carriers Weather Challenges: LexisNexis® Insurance Solutions
Insurance carriers are facing three critical, converging challenges:
Analytics can help. By leveraging a carrier's historical data and external data sources such as police reports and public records, insurers can apply analytic and statistical tools to create automated workflows that can be implemented into the claims process to assist claims adjusters.
- The pending retirement of their most experienced claims adjusters associated with the aging baby boom generation;
- Slow manual processes within their claims business that are outdated when compared to the investment in IT and automation on the new business and underwriting side; and
- Lengthy decision processes that challenge claims executives to continually do more work with less while also improving customer satisfaction.
In this paper, readers will learn how analytics can help:
- Incorporate best practices into an insurance organization by identifying and using behavior patterns within the data.
- Quickly deliver the right data and recommendations to the right people at the right time using automation.
- Efficiently route claims to people with the appropriate skills by simply changing the decision parameters in the claims process and monitoring their effectiveness.
- The Evolution of Insurance Fraud Detection: Lessons Learned from Other Industries
At a cost of nearly $80 billion annually, claims fraud is a top concern among insurers. However, considering the high volume of claims and the elusive nature of fraud, how can companies continually improve fraud identification without incurring additional costs associated with tripling or quadrupling their staffs?
The credit card and telecommunications industries, with traits similar to the insurance industry and which also faced big fraud issues, offer much needed insight into how insurance organizations can efficiently combat this expensive problem.
This paper examines how the credit card and telecommunications industries addressed fraud by replacing manual fraud identification processes with sophisticated, real-time fraud detection technology using a four-phased pattern of process change and technology adoption that included:
- Phase I: Manual review
- Phase II: Automated exception processing
- Phase III: Front-end business rules and scorecards
- Phase IV: Real-time predictive pattern recognition and detection
- Account Monitoring
- Receive automated alerts on key debtor information
- Accurint® for Insurance
- Locate, verify and investigate customers and their claims
- Accurint® for Insurance Plus
- Analyze and leverage data to see complex relationships
- Carrier Discovery(SM)
- Identify insurance carrier information quickly and easily
- Carrier ID
- Streamline claims resolution, find subrogation opportunities and uncover potential fraud.
- Claims Discovery(SM)
- Understand claimants' prior auto or property claim histories
- Claims Datafill
- Increase call center efficiency with automated claims processes
- Detect possible fraud at the earliest possible moment
- Streamline vehicle and accident report ordering & retrieval
- Police Records Retrieval
- Order and access police reports from one source
- Identify claims with the potential to become severe
- Identify subrogation opportunities and maximize loss recoveries