Claims and Risk Analytics
Overview
Figtree's Claims and Risk Analytics service helps insurance organisations aggregate and transform claims, policy, and reinsurance data into actionable risk analytics and intelligence, supporting better-informed insurance decisions.
The Figtree Advantage
Whether it's analyzing claims, managing reserves, policy coverage, or reinsurance, effective insurance decisions rely on a clear understanding of risk. Unfortunately, many insurance organizations struggle to aggregate and transform their data into actionable risk analytics and intelligence.
Our Approach
Laying the Foundation
Establishing a foundation for insights starts by defining objectives, assessing available data, and determining the risk analytics and intelligence needed for the future. That could include leveraging a pool of historical claims data, aggregating third party sources or integrating data feeds from enterprise, CRM, claims or policy applications.
Our consultants and developers work with you from early stage consultancy and roadmap planning, through to implementation and support, with experience and capability spanning BI consultancy and design, API management and data collection, legacy data migration, data warehouse services, custom report building, data visualisation and more.
Uncovering Insights
We make sense of complex data sets by defining, developing, and implementing a suite of customised reporting solutions fit for your organisation's risk needs, working with a range of software vendors to deploy tailored solutions for data visualisation and analysis, including:
- Automated report distribution
- Self-service tools
- Custom dashboards and score cards
- Industry benchmarking with third party data
- Claims performance management
- Customised board reports
- Risk exposure analysis
Decisions Backed by the Numbers
Done right, your risk analysis is not a static project, but an evolving piece of work that delivers a continual return on investment for your insurance operation. Insurance business leaders must back up and measure their decisions with robust quality data. By leveraging our experienced consultants and technical capability, our service delivers insurance and claims professionals with insights that drive decisions that affect your bottom line.
Insights Delivered
- Improved visibility, analysis and forecasting of risk exposure and incident trends
- Ability to identify and prioritise pain-points in claims administration processes
- Improved actuarial analysis for reserve setting and cash flow projections
- Strategic insights to inform product, policy and coverage decisions
Experience You Can Count On
We have over 40 years' experience developing and supporting configurable software applications to help organisations manage their own complex operations relating to insurance, workers' compensation, fleet, assets, risk, safety compliance and more.
We are proud to be a trusted provider of claims and risk analytics services to businesses across the world helping them take control of these critical elements of their operations.
Frequently Asked Questions
Common questions about Figtree Systems' claims and risk analytics service.
How does Figtree's claims and risk analytics service work?
It starts by defining objectives, assessing available data, and determining the risk analytics needed, drawing on historical claims data, third-party sources, and data feeds from enterprise, CRM, claims, or policy applications.
What kind of reporting and dashboard tools does it provide?
Customised reporting solutions including automated report distribution, self-service tools, custom dashboards and score cards, industry benchmarking, claims performance management, board reports, and risk exposure analysis.
How does this support better insurance decisions?
By backing decisions with robust quality data and ongoing analysis rather than a one-off project, giving insurance and claims professionals insights that drive decisions affecting the bottom line.
What insights does the service deliver?
Improved visibility and forecasting of risk exposure and incident trends, prioritisation of pain points in claims administration, improved actuarial analysis for reserve setting and cash flow projections, and strategic insights for product, policy, and coverage decisions.