With the treasure trove of big data available, insurance companies have the opportunity to take risk assessment and predictive analysis to a whole new level of accuracy and consistency.

The actuarial models that were once driven by large internal and external databases can now be fueled with tremendous quantities of unstructured data from social media, online research and news, weather and traffic reports, real-time securities feeds as well as tribal knowledge such as internal reports, policies and regulations, presentations, emails, memos, and evaluations created by your employees.

Stop gathering digital dust. Monetize the data you already have.

Actuarial Analysis
Combine unstructured documents like compliance, regulations, market rules, regional mandates with risk analytics for superior risk profiling and evaluation.

Catastrophe Risk and Damage Analysis
Incorporate historical weather patterns, news, research reports, and social media, into risk calculations for potential catastrophes, price coverage or prudent levels of reinsurance. 

Underwriting
Each individual assessor has his own predilection to assessing risks. Insurance companies risk losing millions of dollars through inaccurate risk profiling or lost customers due to overpricing. App Orchid offers the mechanics to capture “tribal knowledge,” thereby providing a uniform assessment metric across the entire underwriting process.

Claims Processing
By unifying unstructured data across historical claims, App Orchid solutions establish ground rules (quantitative metrics) across fuzzy baselines previously not possible. Claims notes from customer service representatives are caught and processed and, when necessary flagged, for expedited claim management and improved customer satisfaction. Incorporating personnel records when major casualty event occurs such as a severe storm or flood, enable more efficient dispatching of claims personnel to areas with highest value property.

Fraud Control
With App Orchid it’s easy to integrate social media into the claims review process. For example, it would be very suspect if someone who just put in a Workers Compensation claim for a severe back injury was bragging about his performance at his weekend rugby match on Facebook.

It’s time to make smarter, more accurate decisions on how to manage your underwriting and claims management.