Core Principles for Decision Management Success in Insurance Claims Handling

Decision Management Solutions

To keep processing costs low, many insurance carriers have a goal to increase the percentage of their claims that can be processed and decisioned with no human decision-making involved. Perhaps surprisingly, there remains a fair amount of human intervention involved in processing insurance claims. Start with automating and improving a single decision (such as insurance claims handling or next best offer) to demonstrate the power of Decision Management.

80% of insurance carriers aren’t delivering high impact analytics. Here’s how you can do better.

Decision Management Solutions

80% of data and analytics leaders with global life insurance and property & casualty carriers surveyed by McKinsey reported that their analytics investments are not delivering high impact. Here at Decision Management Solutions, we’ve worked with many life insurance and property & casualty carriers around the world and seen this problem first hand. Begin with an agile analytic deployment platform, not with visualization. Another insurance client has done exactly this.

Interview with: Sankar Narayanan, Chief Practice Officer at Fractal Analytics

Corinium

I am the Chief Practice Officer for Insurance, Healthcare, and Hi-Tech verticals at Fractal. The Insurance practice is currently engaged with several top 10 P&C insurers in the US, across the Insurance value chain through AI, Engineering, Design & Behavioural Sciences programs.

AI+BI: Augmented analytics will soon bring data-driven insight to the masses

Birst BI

But to build that dashboard, someone has to assemble all the components, the key performance indicators (KPIs), the data visualizations, and all of the dashboard’s data feeds.

How To Solve The Data Management Challenge Of Self-Driving Cars

Smart Data Collective

It could be that Uber and other companies see a financial imperative in automating their future workforce so that they don’t have to fret about providing insurance and other benefits to a large coterie of human employees. The company is deciding to take things slow when it comes to collecting and managing data from auto insurance companies, which is a standard others should be following if they don’t want to get in over their heads.

How to Adjust Your Data Communications Approach in University and Non-University Settings

Depict Data Studio

The first of two data visualization workshops with @AnnKEmery is underway! And learning how we learn–the courses on cognition, memory, perception, and brain biology–are critical in my everyday work as a data visualization designer and speaker.

3 Easy Ways to do ML with Oracle Analytics Cloud

Perficient Data & Analytics

OAC has built-in Advanced Analytical functions that are readily available to apply on data visualizations at the click of a button. These are accessible from Data Visualization under the Advanced Analytics tab on the left.

Big Data Ingestion: Parameters, Challenges, and Best Practices

datapine

Consumer data: Data transmitted by customers including, banking records, banking data, stock market transactions, employee benefits, insurance claims, etc. Data Visualization Layer: In this layer, users find the true value of data.

Natural Language in Python using spaCy: An Introduction

Domino Data Lab

Typically, there are contracts (sales contracts, work agreements, partnerships), there are invoices, there are insurance policies, there are regulations and other laws, and so on. This article provides a brief introduction to natural language using spaCy and related libraries in Python.

The ethics of data flow

O'Reilly on Data

There’s a long history of language about moving data: we have had dataflow architectures, there's a great blog on visualization titled FlowingData , and Amazon Web Services has a service for moving data by the (literal) truckload.

Measure Twice, Cut Once: How the Right Data Modeling Tool Drives Business Value

erwin

Additional challenges, such as increasing regulatory pressures – from the General Data Protection Regulation (GDPR) to the Health Insurance Privacy and Portability Act (HIPPA) – and growing stores of unstructured data also underscore the increasing importance of a data modeling tool.

Everything You Need to Know About Real-Time Business Intelligence

Sisense

Real time business intelligence is the use of analytics and other data processing tools to give companies access to the most recent, relevant data and visualizations. To provide real-time data, these platforms use smart data storage solutions such as Redshift data warehouses , visualizations, and ad hoc analytics tools. This includes the ability to perform ad-hoc analysis on existing data or creating visualizations specific to new streams.

Cognitive Agents to Improve User Experience

Perficient Data & Analytics

Health Insurance Company | Interactive cognitive agent for providers to quickly access member information. // CHALLENGE? //. A health insurance company with more than 13 million customers in the U.S., In a world where over 2.5 quintillion bytes of data is created each day , having a tool to help deliver information to users efficiently is important. Cognitive agents are a tool that can improve user experience for both advisors and customers alike.

Why Replacing BusinessObjects is Bad for Business

Paul Blogs on BI

When I look at the new shiny BI tools in the market today, they have great visualization capabilities but all of them simply provide a piece of what the BusinessObjects suite provides and I have not found one that can do it all as well as BusinessObjects.

13 “must measure” UX metrics for healthtech

Mixpanel on Data

Whether you own a small health practice, build medical devices, or provide insurance, knowing — and acting on — your data is the key to delivering a great user experience (UX) and gaining a serious competitive advantage. This means having a site that accommodates visually impaired users, creating content suitable for screen-readers, using descriptive links, and making website actions easily accessible via a keyboard.

Rebooting Analytics and CAO

Perficient Data & Analytics

I believe insights in context will bring more value to business than any previous iteration of report, self-service reporting, visualization, etc. While it’s critical to get the math right, just getting the math right doesn’t drive the change,” said one insurance analytics leader.

Rebooting Analytics and CAO

Perficient Data & Analytics

I believe insights in context will bring more value to business than any previous iteration of report, self-service reporting, visualization, etc. While it’s critical to get the math right, just getting the math right doesn’t drive the change,” said one insurance analytics leader.

Seven Steps to Success for Predictive Analytics in Financial Services

Birst BI

The output of these algorithms, when used in financial services, can be anything from a customer behavior score to a prediction of future trading trends, to flagging a fraudulent insurance claim. Create the reports & dashboards needed to visualize the predictions. With the data for both descriptive and predictive analytics fully integrated, create the reports and dashboards necessary to visualize past and future performance to business users.

Themes and Conferences per Pacoid, Episode 10

Domino Data Lab

Her talk addressed career paths for people in data science going into specialized roles, such as data visualization engineers, algorithm engineers, and so on. Co-chair Paco Nathan provides highlights of Rev 2 , a data science leaders summit. Introduction.

Data Science, Past & Future

Domino Data Lab

He also really informed a lot of the early thinking about data visualization. It involved a lot of work with applied math, some depth in statistics and visualization, and also a lot of communication skills. Paco Nathan presented, “Data Science, Past & Future” , at Rev.

What is the Holt-Winters Forecasting Algorithm and How Can it be Used for Enterprise Analysis?

Smarten

Business Problem : Insurance claim manager wants to forecast policy sales for next month based on past 12 months data. Smart Visualization ensures that data and its interpretation are clearly depicted in simple, natural language.

What is the Chi Square Test of Association and How Can it be Used for Analysis?

Smarten

Finance – An organization might use this technique to Identify if demographic factors influence banking channel/product/service preference or selection of a type of term plan of an insurance etc. This article describes chi square test of association and hypothesis testing.

7 Incredible Web Design, Branding, Digital Marketing Experiences

Occam's Razor

Innocent: Passionate Copy and Heart-warming Visual Design. ~ AAA Life Insurance : Truly Customer Centric "Convince Me To Buy" Experience. Innocent: Passionate Copy and Heart-warming Visual Design. I want to buy term life insurance.

Global Multichannel Consumer Behaviour (Research/Purchase) Analysis

Occam's Razor

In this report you also get this lovely visual: It is a little complicated, but stick with me. For the insurance business I'm interested in knowing the % of purchases online and offline, and people who either researched online one, offline only or did not research at all.

A Message to Mylan’s CEO: Your Price Increase Wasn’t the Problem. Your Implementation Strategy Was.

The Kini Group

Most end users don’t realize how much these companies pay for efforts to stay within government regulations, working with insurance companies, and yes, attorneys to help them get through it all. Visualize and Explain the True Price (or Lack Thereof) They’re Getting.

Augmented Analytics Algorithms and Techniques: Learning for Citizen Data Scientists

Smarten

Use Case(s): Determine if a product sells better in certain locations, verify if gender has an influence on purchasing decisions, Identify if demographic factors influence banking channel/product/service preference or selection of a type of term insurance plan and more.

Why CU Anschutz Medical Campus Migrated to Google Cloud

Perficient Data & Analytics

Health Data Compass integrates data from a variety of sources including patient clinical data, genomics data, insurance claims, public health data, and environmental data.

Manual Feature Engineering

Domino Data Lab

Another example is the use of body mass index (BMI) by medical providers and insurance companies. Visually, the shape has relatively flat sides. We may want to visualize the relationship between the encoding and the original species values.

7 No-Fail Ways to Build a Successful Cost Management Strategy

The Kini Group

Administrative costs: Of course, all companies have the overhead of rent, insurance, tax preparation, utilities, and more. This allows you to visualize your costs and identify opportunities to cut unneeded or unnecessary costs. Need a faster way to visualize your costs?

Digital Dashboards: Strategic & Tactical: Best Practices, Tips, Examples

Occam's Razor

Allow me to visualize the problem above, and leverage that visualization to present the solution. As you might have guessed, you are at the very right of the above visual, with most access to data, the ability to analyze it ( inshallah! ) Notice that both visuals are a continuum.

Themes and Conferences per Pacoid, Episode 6

Domino Data Lab

I double-dare you not to visualize that cohort! When execs at the company got their grubby paws on our analysis, two senior VPs spent an entire day pouring through pages of data visualizations and analysis. While, as individuals, they may be industry experts in finance, insurance, pharma, automotive, or whatever vertical, many still operate with pre-1960 notions about science, rhetoric, media, etc.,

11 Digital Marketing “Crimes Against Humanity”

Occam's Razor

I fundamentally believe that having a vibrant bi-directional conversation on a destination you control with policies you set and data you control is not just insurance, it is your duty to your customers. Every presentation I do is customized for the audience in the room.

Fitting Bayesian structural time series with the bsts R package

The Unofficial Google Data Science Blog

The data consist of the weekly initial claims for unemployment insurance in the US, as reported by the US Federal Reserve. There are also plotting functions that you can use to visualize the regression coefficients. by STEVEN L.

10 Insights From 11 Months Of Working At Google

Occam's Razor

If you don't know who Hans is check out these two videos (a must watch for anyone who remotely things they present data or do data visualization): Debunking third-world myths with the best stats you've ever seen. Notice his use of math as visualization.