Quick and efficient claim resolution with predictive analytics
Imagine you’re in a situation in which you need to make an insurance claim following a bit of bad luck. Maybe you experienced a flood that caused water damage to the basement and ruined appliances, flooring and some furniture. You’ve been diligent about maintaining adequate insurance for your home, so a claim should be easy, right?
Maybe; maybe not. What if the insurance company didn’t respond as quickly to the claim as you wanted? Maybe you had to wait three weeks before an assessment was done, and then wait another three weeks until an offer was made. In addition, maybe you had to wait six more weeks for the payment. Perhaps you even felt as though you were being treated like a criminal because the adjusters behaved as if they suspected you were making false statements.
I’ve never been in that kind of a situation, but I would feel like I was abandoned in a time of great need. I would then begin to search for a new insurance company.
In fact, policyholders very often switch insurance companies when claims are not paid in a timely manner. To see for yourself, check out the white paper, Increasing customer satisfaction and reducing costs in property and casualty insurance. It examines the relationship between the speed of claim resolution and customer satisfaction. It also includes results from a recent survey revealing that 65 percent of customers report they considered changing insurers when a claim took more than 15 days to settle. In contrast, only 8 percent considered changing insurers when it took between one and three days to settle a claim. As a result, an insurance company’s capability to settle a claim with speed and efficiency is vital; otherwise, the organization risks losing valuable customers.
Today, having insurance companies stay in tune with their policyholders is easier than ever. IBM is announcing predictive industry analytics solutions that can transform your insurance business. Join fellow business professionals on May 28, 2015 for a video announcement. IBM plans to offer industry-oriented predictive analytics solutions that focus on very specific industry use cases and deliver transformative insights to business decision makers. Predictive industry analytics solutions offer several benefits:
- Fast, smart decisions: Act on insights from predictive analytics, data preparation and interfaces that are tailor made for specific industry use cases.
- Expertise: Leverage signature design partners who are innovators from many industries combined with experience from 50,000 analytics client engagements to build these solutions for you.
- Enhanced use of limited resources: Get up and running with analytics quickly because IBM has done the heavy lifting for you.