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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
| Source: Mitchell International
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.