Data analytics solutions for claims management
© Myrzik & Jarisch

Data analytics solutions for claims management

Increase efficiency and reduce costs with our data analytics consultation

Put simply: We improve your organisational effectiveness by supporting you in your day-to-day decision-making – claims management included. With advanced analytics, smart data inventories, machine learning and interactive visualisations, we deliver high-value analyses. These boost accuracy and efficiency across your business-critical functions and processes in property and casualty (P&C) insurance lines. 
We have the analytics solutions for your needs across property and casualty business lines.

Our Claims solutions are then positioned to focus directly on your questions:

  • Is my data sufficient enough to apply adequate analytics solutions?
  • What are the most relevant drivers for different cost types?
  • How can I better monitor the development and performance of my claims portfolio over the time?
Fast claims settlement
  • Which claims are likely to be fraudulent?
  • Which claims can I accept/reject without manual assessment?
  • Can I improve practices by identifying trends over time?
Claims prediction
  • Which risks are most likely to see a loss in the near future?    
  • Can external data help to make the on-boarding of new customers leaner?

Use Cases - Our straightforward processes get results:

The basis for detecting cost drivers in claims is a comprehensive analysis of your current portfolio. We prepare your data for transparency on all relevant customer and product segments. You can detect trends, anomalies and systematic problems of claims handling in order to conduct more granular inspections.

With Claims Cockpit, our dynamic dashboard which evaluates your claims data form in a multitude of perspectives, you can improve your claims KPI tracking with increased granularity and clear visualisations. The advanced dashboards also allow proactive steering through up-to-date data at all times and act as early warning systems. This also helps you in identify trends/differences in customer segments, monitor your agents and assess performance of different sales channels and portfolio segments. 

Keep an eye on the right claims and get support you setting up a predictive model for claims approval probability.

You can increase processing speed and accuracy by automatically processing routine claims and enabling staff to concentrate on heavy-impact claims. On this basis, you will be able to identify the patterns that lead to claims and boost an automatic system of processing claims.

Understanding fraud likelihood for each claim enables ranking and reduces the workload for your fraud specialists. With a more streamlined process, you will be able to increase your fraud detection in a timelier fashion and avoid paying unfair claims. We work as your sparring partner for understanding fraud by offering support in the development of your inhouse solutions and with the implementation of external fraud detection software.

Our solution lets you identify critical risks through improved data quality and more accurate risk assessments. This can help determine which risks may deliver losses so that appropriate risk measures can be introduced. Our methodology has proven itself by improving water damage portfolios and can be applied to other perils as well.

Get the most intelligent analysis of your data.

An analysis of any unstructured data can bring a new level of understanding to your decision-making and help build a more comprehensive multi-channelled scrutiny of all of your claims material.
Our experts can help you assess how text mining could be applied to your claims documents and thus help you to utilize the additional information.

Want to learn more?

NextLevel Claims
© Munich Re

Why clients love to work with us

More than 450 data science experts and citizen data scientists at Munich Re use the most modern and secure infrastructure to meet the ever-growing demands our clients face. By combining the best talent with advanced analytics, we deliver solutions that seamlessly integrate into your systems and processes. 
With decades of insurance experience and experience in applying data science in insurance reaching back to the first decade of the century, we understand all aspects of your value chain. Clients appreciate our knowledge of their pain points and data insights from day one, as a solid basis for contributing real value.
We provide you with a new view of your data by linking comprehensive previously unconnected sources, enriched with external data. 
We are risk carriers. That is why we believe in long-term partnering and staying personally invested with our clients on the journey to generate insights through data and analytics. Together, we define and implement the right actions for your business processes with the goal of maximising your value.
We understand that your claims require a diverse tailor-made set of solutions. We are a business unit that brings together an international team of colleagues under one roof for a more comprehensive vantage point when addressing your needs. 

Would you like to know more?
Get in touch with our experts right away

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