Insurance Claims Data with Claim Analytics

1. Health Insurance Claims Data with Claim Analytics The ability to use​ insurance claim data analytics​ through machine learning can improve insurance and claims companies bottom line and overall profit. Modern customers require modern technologies to be able to see benefit and data analytics is the answer to fulfill the evolving demands of customers and the needs of the insurance and claims companies. Adoption of Touchless Claims  In the current process, claims go through multiple employees that severely affect the quality of  the process. Through claims analytics in insurance, the process of ‘touchless’ claims does not  require any human intervention. This is done through the automated reporting, capturing, auditing  and communication.  Chatbots  This is a technology that leverages popular messaging apps on customers’ phones to execute  interaction. The technology of natural language processing and sentiment analysis allows for  automated and effective communication. Claim analytics in health insurance allows for  customized interactions, wherein questions can be answered, claims can be resolved, products  can be sold, leads can be addressed, and coverage issues can be identified.  Personalized Sales Technology  The competitive streak of the insurance market can be tackled through claim analytics in health  insurance that offer personalized sales tactics. AI has the potential to rope in customer data and  create a profile that targets the customer’s preferences with relevant insurance products.  Risk Alerts  Insurance claims data analytics cuts down on the traditional underwriting process, which is  tedious and fairly ineffective. Not only can it offer customers the benefit of a personalized 

2. insurance plan, but the automation feature can alert insurance companies on risky customers  without the need for invasive questioning.  Telematics  Wireless communication is a feature of insurance claim data analytics that offers data from the  customers to the insurance companies in an automated fashion through identification of GPS  patters in the data. This technology is capable of tracking traffic conditions, risk factors, etc. that  eventually lead to fewer claims processing and higher customer satisfaction.  Machine Learning  The ability to meaningfully generate and apply data through machine learning holds tremendous  scope to improve insurance and claims companies bottom line and overall profit through claim  data analytics solutions. It offers features such as electronically generated customized  insurance advice and improved insights into the needs of the customer.