The Key Challenge of Our Client

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.

Our Objective for Designing & Developing the Solution

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.

The Outcome Techknomatic Provided

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

Our Solution

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:

Net Claims Paid by Region

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.

Claims by Accidents Analysis

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

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.

How Our Solution Benefited Our Client

Techknomatic’s solution resulted in the following benefits:

• Tracking important claim KPIs in one place.
• Getting patterns in claims and distributions.
• Getting visibility in the day-to-day operations & claims.
• Timely emails to stakeholders with the most important KPIs to track.