Insurance companies store huge amounts of enterprise data in Document Management Systems that are not readily accessible and where intelligence and value cannot be extracted without significant resources. Most of this data resides in unstructured formats making it virtually impossible to identify trends, patterns, similar causes of loss, geographical spread and other factors that could have valuable impact on underwriting and claims management.
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.
Insurance apps from App Orchid can read, parse, tag, correlate and understand limitless amounts of enterprise data. This creates unprecedented capabilities to insurance, re-insurance and risk management companies like never before.
With the power of App Orchid artificial intelligence, machine learning, and natural language processing, losses that occur with one customer in one part of the world can be automatically determined to be relevant to other customers in other locations to generate automatic alerts and proactively help to reduce risk and loss. Claims managers get real-time access to a customer’s overall portfolio regardless of whether the business is managed by different departments and geographies. The ability to search for sub-limits, book value, settlements based on dollar amounts, geography or type of loss is possible and available in minutes.
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.
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.
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.
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.
App Orchid blends operational data, tribal knowledge, and external data into simple, intelligent, cognitive computing apps that make analyzing your insurance enterprise data as simple as downloading a travel app on your smart phone. You can deploy apps in as little as several months, not several years, and at a cost of thousands, not millions of dollars.