Claims Consulting and Technology

The mission for today’s insurance claims operations is mastering the combination of high-quality, robust, claims practices with next-generation claims processing.

The strategic use of claims data, analytics, and technology provides a pathway to achieving faster, better, and lower-cost claims outcomes and new insights to benefit pricing, underwriting, and reserving decisions.

Our global claims consulting and technology solutions help insurers to excel in executing in these areas and unlock the value in their claims operation and data through:

Tailoring our services to our clients' specific needs, we bring market-wide perspectives, claims expert-led delivery, and independence to our advisory work. Examples include (but are not limited to):

• Strategic advice and delivery including developing the claims strategy, the target operating model, the claims proposition, and the digital transformation plan.

• Operational assessments – identifying improvements by assessing the operational and technical capabilities, and the cost and service performance compared with peers. Deep dives into specific areas like claims counter-fraud management, suppliers and TPA’s.

• Technical and process case reviews - evaluating case handling, trends, strategy, philosophy application, reserve adequacy, and leakage, across claims, suppliers, and TPAs. Frequently working with our actuarial colleagues in multi-disciplined assessment teams.

• Claims analytics and data strategy – helping across the spectrum of claims analytics from KPIs, analysis, and descriptive through to advanced and predictive analytics. We also help develop the claims data strategy cultivating structured and unstructured data and linking directly to improved claims, pricing and reserving outcomes.

We are helping insurers to deploy AI with our end-to-end analytics and model deployment solution, Radar in their claims operations. We are supporting them to become self-sufficient in this capability and deliver real-time decision support and intelligent automation for next-generation claims processing.

The four ways we are helping insurers deploy Claims AI with Radar:

1. Using our claims knowledge to help design the use cases.
2. Applying our data science skills to develop the AI for those use cases.
3. Connecting to the insurer’s claims system to provide decision support for claims handlers and intelligent automation in real-time.
4. Combining all these skills and capabilities to successfully operationalise Claims AI.

500 insurers trust Radar for their advanced analytics needs. With its proven capabilities for providing smart insights, real-time decisions, and the ability to deploy changes fast for pricing and underwriting functions, insurers are now using Radar for claims, leveraging its machine learning, in-built governance, and scalability to achieve better outcomes.

Claim Metrics is a dynamic claims benchmarking service for UK insurers, providing Motor and Household Claims benchmarking.

We have curated one of the largest UK claims data sets and we enable insurers to view the results through a user-friendly web-based business intelligence tool to compare their performance on a like-to-like basis on over 400 metrics and charts with dynamic drill-through. Empowering insurers to make rapid, data-driven decisions.

We also provide independent analysis reports for participating insurers. We use the rich data set to present tailored analysis and fresh insight. We highlight improvement opportunities and compare the insurer's results to market trends, including claims inflation.