SOURCE: Mitchell International

July 11, 2007 09:00 ET

Mitchell Presents to Society of Insurance Research on "Driving Claims Performance Through Data Analytics"

Insurers on the Cusp of Leveraging Data Analytics to Transform Claims Process

SAN DIEGO, CA--(Marketwire - July 11, 2007) - Presenting to the Society of Insurance Research (SIR) at its Spring Conference on May 22nd in Dallas, TX, Alex Sun, President of Mitchell International, highlighted the main findings of his whitepaper "The Tip of the Information Iceberg" (available at www.mitchell.com) to reveal how the strategic use of data analytics can improve the claims performance of insurers. Claims organizations are only now beginning to embrace data analytics as a critical factor in driving business improvements and transforming the claims process.

Collecting and assessing performance data allows insurers to apply the resulting insights and drive improvements throughout the claims process. By analyzing key processes, physical damage and casualty severity data points, the opportunity now exists to leverage analytical insights to improve operational performance across all critical claims performance drivers.

"Analyzing the massive amounts of data collected during the claims process can produce insights that lead to substantial operational improvements," said Sun. "With the adoption of many claims automation technologies today, from estimating systems to workflow solutions, there is now the ability to systematically capture data on critical activities in the claims process. This data can now be leveraged to better understand how an individual carrier performs against both internal and industry-wide best practice benchmarks and drive significant performance improvements."

According to Ed Budd, Executive Director of SIR, "We were very pleased with Mr. Sun's presentation since the SIR Conference is about bringing new trends and technology to the forefront and the free exchange of ideas to address industry issues." Budd continued, "Most organizations are in the early stages of implementing data analytics, such as capturing data and basic reporting. As Mr. Sun demonstrated, in order to achieve enhanced performance, carriers will need a structured process for applying the insights derived from rigorous data analytics. His presentation topic was well received by conference attendees and sparked interesting discussions about the future of data analytics."

Sun added, "Some examples of future claims analytics include Common Data Presentment, so that claims adjusters can receive both relevant medical and APD reports. This capability is expected to drive better decision making about the relatedness of injuries and present a more holistic picture of claim circumstances. As well, fraud identification and straight-through processing will benefit from data analytics in the future, allowing for better decisions to be made earlier in the claims process, saving time and money."

As a provider of information solutions and technology for both auto property and casualty claims, Mitchell has the ability to observe and evaluate the various and ongoing processes aimed at improving claims settlement practices -- and has collaborated with a diversity of experienced claims professionals.

About Mitchell International, Inc.

Mitchell International is a leading provider of information, workflow, and performance management solutions to the automotive insurance claims industry, serving carriers, collision repair facilities, and other commercial participants in the physical damage and auto-related medical claims markets. Mitchell facilitates millions of electronic transactions between more than 16,000 business partners each month to enhance their productivity, profitability, and customer satisfaction levels. For more information on Mitchell International, visit its Web site at www.mitchell.com.

About the Society of Insurance Research

The Society of Insurance Research was founded in 1970 to provide a forum for the free exchange of ideas in all areas of insurance research. It has expanded to marketing and planning, as well as research. The Society has since grown to include representation from many different organizations; insurance and non-insurance companies, government agencies, institutions of higher education, and trade associations. For more information, please visit SIR's Web site at www.sirnet.org.

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