Insurance Analytics

The insurance industry is stuffed with information prepared for reporting and analytics – Claims, pay outs, premiums, and policies. However, preparing partners in your organization to adequately analyse and utilize that information in a timely manner has been a challenge. Each day, senior executives in the insurance industry must make complex, business-critical choices that take into account a wide array of performance metrics and market knowledge. Bilytica Insurance Analytics provide with interactive reporting tools that incorporate the historic data and provide with quick insights to estimate future premiums. The reports generated can be customized as per your needs and wants.

Fraud detection is also an added feature of Biytica’s Insurance Analytics. With the help of various visualizations, Bilytica Insurance Analytics helps you in outlining the outliers and any kind of suspicious data patterns in an organized and timely manner. It streamlines the data which shows out-of-pattern behaviour and immediately take actions in order to resolve it. Dashboards are at the user’s disposal 24/7 and provide specialized filters to find claims that fall outside normal bands, focusing your investigation in a specified direction. It provides with continuous monitoring of statuses, be it, claim processing, claim patterns, fraud detections, forecasting and etc. Bilytica Insurance Analytics assist in generating reports which are used for revenue comparisons which is also an essential for business organizations in order for them to make forward-looking decisions. These reports generated not only highlight the minimum and maximum pay outs but also group codes alphabetically to determine a region of interest.

We can help you to:

  • Understand how your business organization is performing.
  • Investigate claims patterns to recognize probable fraud.
  • Monitor claims processing status.
  • Generate reports for revenue comparisons.
  • Create estimating models that let you intuitively explore situations.
  • Evaluate general portfolio risk profile in single dashboard.

Claim Analysis

Does a claim submitted by a physician have a different claim paid ratio than those submitted by phone or web? You bet. Is it valuable to dig into these differences to make more informed decisions? Absolutely.
Don’t stop there. Couple this claims information with other salient data. Which call centers are processing the claims? How does claim status vary by region, by call center?
Insights such as these, illustrated in the visualization to the right, help managers, brokers and administrators alike quickly identify where they can optimize call center resources, improve claims processing procedures and identify potentially fraudulent patterns.

Click on the visualization to see how claims status varies by region and how the claim was initiated.

Premium Forecasting

Using historic data to estimate future premiums isn’t new. But creating an interactive report that facilitates quick insight to forecast these costs is not a common feature in most insurance reporting tools.
Don’t limit yourself to a slide deck that only shows top-line estimates or spend time wading through dozens of spreadsheet tabs looking for answers. By using Bilytica solutions you can create an interactive report that’s right for your needs, you can quickly be evaluating your options and future costs, not waiting for a new round of analysis.
This sample report makes it intuitive to ask – and answer – real-time questions about how projected costs for an employer could vary based on several factors. Gender, age, region all affect estimated costs.

Click on the visualization to adjust these criteria and others to see historic trends and projected costs.

Fraud Detection

Quickly show outliers and suspicious patterns in your data
The data you need to reveal fraudulent activities exists within your organization. However, analyzing it in a meaningful way to detect out-of-pattern behavior in a timely fashion has been next to impossible.
Bilytica solutions let you point to nearly any data source and immediately begin visualizing it to see behavior that’s amiss. Once a potential issue is identified, hand off the dashboard to your field investigators who can access it on a mobile device. Now fully equipped with the right data, he can pick up the thread of suspicious behavior and resolve it quickly.

Click into this report and adjust the filters to find claims that fall outside normal bands. Where would you focus your investigators?

Revenue Comparisons

Year-to-year comparisons are a basic, but essential element to insurance analysis. Agents, underwriters and managers alike rely on historical data to gather intelligence for forward-looking decisions.
In this report, you can select a set of codes based on alphabetical grouping then determine a region of interest. Using the scroll bar, any claims code can be reviewed at a glance. Not only are the minimum and maximum payouts for each code highlighted, viewers can mouse over any point to get detailed information on a specific claim.
The impact of a straightforward, yet interactive time series report such as this gives more information much faster than could be gleaned in a table.

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