Analyze Gross Paid Loss, Credits, 3rd Party Expenses, Salvages
We helped our client assess how much they pay out in claims, with what frequency, loss ratios relative to premiums coming in
Risk Management, Insurance Claims
Data Analytics, Dashboard Designing & Development
Tableau & Power BI
This customer is one of the biggest Insurance companies in East Asian countries. For the insurance industry, prioritizing and accelerating digital transformation and data-driven efforts to improve operations, customer experiences, and risk management is the most important activity.
The current requirement of dashboards was to set up a mechanism to perform the following tasks in order to make data-informed decisions.
Insurance is a data-centric industry and insurers have collected a huge amount of customer data till now. But monetizing this data and finding business insights with legacy systems, products, and business models is a time-consuming and complex process.
Our client wanted a data-driven system backed by data analytics to give intuitive & interactive dashboards for every business unit.
With insurance customers moving online to interact with brands, our client wanted a better system for managing claims better, quickly detecting fraud, improving service to customers, and understanding employee trends and their impact on the business.
As an outcome, the Techknomatic team provided a claim Insurance overview dashboard to stay up-to-date on claims activity and performance by product line, across territories, and get a glance of key KPIs
Techknomatic business analysts analyzed the existing decision-making from legacy systems, excel to track captured data points and the list of KPIs.
We suggested a dashboard for insurance leaders to see historical analysis, regional analysis, regional costs, Claims distribution
The dashboard users can see a high-level summary of Gross Paid Loss, Credits, 3rd party expenses, salvages for the selected period
The areas covered in the delivered solution were as the following:
For claims managers, this is critical to stay up-to-date on Insurance claims by product line, across territories. Dashboard uses can see net claims paid & severity by region.
Getting visibility in the claims to analyze the patterns in the accidents and trends of accident claims by vehicles to identify patterns.
Claims threshold distribution provides visibility into the patterns of claims with settlement days. Any outliers in the trend require the attention of the claim manager for identifying the potential issues in the process.
Techknomatic’s solution resulted in the following benefits: