CLAIMS DASHBOARDS

FELLOW ANALYTICS VISUALIZATIONS CLAIMS DASHBOARDS IS A SET OF PRE-BUILT ANALYTICS VISUALIZATIONS OF AN INSURER’S CLAIMS DATA

FOR BETTER ANALYSES

Claims Operations is a critical insurance discipline that benefits greatly from analytic visualizations of all claims data. Claims Executives and Managers require multi-dimensional visualizations related to the inventory of claims such as new reported claims, losses/expenses, processing efficiency and fraud detection.

Other analyses such as losses analysis, reserves analysis and processing efficiency analysis are also information needs covered under this set of visualizations.

Example | CL-02 – CLAIMS LOSSES DASHBOARD

CL-02 shows an overview of claims with incurred, claim counts, severity and loss ratio as the standout metrics. Claims incurred is also shown by product and broker (agency) with historical perspective over time. The Incurred count are shown on a geographic map by state. It is filtered by LOB, time elements and regions.

Other applicable Discipline – Product Management

THE CLAIMS INFORMATION NEEDS MODEL

CLAIMS ANALYSES DASHBOARDS

CLAIMS VOLUMETRIC

CL01

This dashboard provides visibility into the inventory of Claims such as new reported Claims, the aging of Claims, Closed claims, Reopened Claims, Catastrophe Claims and Claims greater than a pre-set amount. Key metrics include the quantity, the claim amount and the average claim amount.

LOSSES

CL02

This dashboard provides visibility into losses related to claims at summary and detailed levels. Losses are analyzed by time periods including year over year, by company, region and product. Variance analysis is based on Incurred losses compared against planned losses by region, product, by loss type.

VIEW
SCREENCAST

RESERVING

CL03

This dashboard provides visibility into Claims Reserves Allocations. Analysis of reserves and outstanding reserves are dimensioned by Company, Region, and Product.

PROCESSING EFFICIENCY

CL04

This dashboard provides visibility into the efficiency of the claims operation process through metrics dimensioned principally by Region. Measurements include Outstanding Claims at the beginning of the period, New Claims, Closed Claims and Final Outstanding Claims counts. Closing ratio is a derived metric.

FRAUD DETECTION

CL05

This dashboard provides visibility into scoring results from Fraud predictive models. The models are external to the dashboard and data integration with scoring results is required.

SUIT PRODUCTIVITY

CL06

This dashboard provides visibility into newly reported Claims lawsuits, outstanding suits and Suit Closing ratio. Tracked by Region/Office, new reported suits metrics provide measurements on a monthly basis with cumulative per year. The analysis includes comparisons with pre-established yearly goals.

RECOVERIES, SALVAGE & sUBROGATION

CL07

This dashboard provides visibility into the operational performance of such processes for all lines of business. These processes are tracked by Region/Office, with cumulative per year in comparison with previous year and pre-established yearly goals. The analysis includes Collision recovery percentage vs. Collision losses paid, Salvage recoveries and collision subrogation.