Instead of treating claims as a liability, we treat claims as an asset by enabling insurers to extract value from their claims, even after they occur.
Claims are Valuable.
While claims are the largest liability on an insurer’s balance sheet, insurers also know that claims provide immense value in that they are often the only way to interact directly with a policyholder, and can contain recovery opportunities.
Mitigatway believes that claims have value that is often overlooked. Claims are an insurers Intellectural Property (IP). Each claim has an opportunity to reveal the causality behind the loss and generate claim data which can be leveraged to improve the loss ratio by optimizing underwriting, claims handling, recovery and retention.
Diagnostics of Claim Data Quality
To capture the value from past claims, clean and quality claim cause of loss data is required. While working with clients on claim analysis, we often find and diagnose data quality issues and offer solutions for how to improve. As part of the diagnostic process, Mitigateway identifies the key data issues blocking value extraction for the insurer.
Common problems in data structures are lack of granularity, overlapping cause of loss categories, and/or too complicated cause of loss categories.
Inadequately granular data structures can lead to many claims being classified the same way, while overlapping categories can result in unclean data preventing claim analysis (e.g., quantifying losses into specific categories). On the other hand, overly complex data structures may cause confusion and result in claims being tagged as “Other” or “Unknown” by the end user.
Mitigateway helps insurers design custom, simple, and clear cause of loss data structures.