Often seen as a high-risk industry, insurance companies have always relied on statistics to make important decisions that lead to optimized claims handling, risk reduction, fraud detection, and more. for technology penetration.
With the introduction of advanced analytics and the accessibility of multiple platforms for data analysis and visualization, business analysts and key stakeholders in organizations are turning to active analytics to eliminate risks and find new ways to grow their businesses, and gain a competitive edge over their industries. You can also get complete knowledge of D&I analytics via https://www.diversely.io/.
In today's blog, we take a look at how insurance companies can use data analytics software to their advantage and improve the process of organizing their desired business results.
A report published by Gartner found that insurance companies lose an estimated $ 40 billion each year due to false claims! Only 20 percent of these claims were found, resulting in a huge waste of time and money for the agency. Recently, companies have turned to various data visualization platforms to produce meaningful reports that provide useful information and help identify allegations of fraud using predictive analytics and behavior patterns.
For example, insurance companies that use data analytics can easily detect excessive medical fraud by charging fees by comparing similar surgical cases to hospital and medical fees. This data-driven data can easily result in savings of millions and thus justifies the investment in data visualization software.