COVID-19 Insights: Quantzig’s Latest Success Story Reveals How Claims Analytics Solutions Helped an Insurance Company Identify Potential High-Risk Claims

Business Wire

LONDON--(BUSINESS WIRE)-- Quantzig, global data analytics and advisory firm that delivers actionable analytics solutions, presents a new case study series that focuses on how coronavirus is impacting businesses across geographies. The ongoing crisis has not only impacted the insurance industry, but several other industries are also witnessing a rise in pressure from all aspects of the value chain. In such a situation, gaining insights into business operations by monitoring and tracking KPIs across multiple dimensions can help generate data to feed the continuous improvement initiatives of businesses.

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The transformation of the COVID-19 outbreak into a pandemic has brought about significant shifts in business processes and market needs. The pandemic is provoking severe budgetary strains in many segments of the economy, due to which companies are forced to scale down operations to balance the financial impact of the crisis. In this case, the client wanted to develop an effective analytical solution to identify both high and low-risk claims.

How Quantzig’s COVID-19 business support solutions can help insurance companies?

Our specially curated analytics solutions focus on ensuring business continuity to help businesses navigate the crisis
We also offer access to a library of best practices and analytics methodologies that can help businesses carry out operations smoothly by identifying the COVID-19 impact areas
Our services involve combinations of components like portal access, ad-hoc/steady projects, and consulting services

Navigating the crisis is no big deal, provided you possess the organizational readiness to shift and adapt to a different environment. Talk to our analytics experts to learn how we can help you adapt and thrive in the new normal.

Claims Analytics Engagement Overview:

The current global scenario in which businesses are struggling to stay afloat is truly unprecedented. The global supply chain has been disrupted, lockdowns have been enforced, and businesses have been pushed to adapt and thrive in the new reality. With millions of claims to handle, adjusters find it extremely difficult to sift through all the documents. High-risks claims turn out to be very expensive to the company and need priority handling. The cost involved in processing high- and low-risk claims has a huge impact on any insurer. Other than processing costs, fraudulent insurance claims processing adds to the expenses. Therefore, any effective analytical solution to identify both high and low-risk claims proves to be beneficial.

Quantzig’s claims analytics solutions helped the client to:

Meet the specific needs of the clients
Classify high and low-risk claims

According to Quantzig’s claims analytics experts, “Our medical claims analytics program allows you to rapidly integrate eligibility information, medical claims, pharmacy claims, health risk assessment results, and case management data to help you identify high-risk individuals.”

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Quantzig’s Claims Analytics Value Proposition

Our industry-leading solutions combine cutting-edge analytics methodologies, advanced algorithms, and data science with intuitive, interactive dashboards that help drive shareholder value and business outcomes. Quantzig’s advanced analytics platforms also ensure complete visibility into business and supply chain operations, empowering businesses to enhance efficiency. By adopting our solutions organizations can realize the benefits of lower operating costs obtained by optimizing fulfillment, customer experience, and improvements in overall business performance. What sets us apart amid the competition is that our proprietary algorithms and advanced analytics platforms are designed to support the unique needs of our clients from different industries, thereby ensuring we deliver maximum value and returns to our clients.

Quantzig’s financial data analytics capabilities include:

1: Portfolio Monitoring

2: KYC Analytics

3: Collections Analytics

Based on our analysis, the impact of the ongoing crisis will have a prolonged effect on key business processes, and companies will have to deploy advanced analytics models that leverage machine learning algorithms to ingest large disaggregated data sets and identify data patterns.

We predict that 2020 will bring in a host of new challenges for the insurance industry in the form of:

Data complexities
Rise in competition
Stringent regulations

With over 15+ years of experience in offering advanced marketing analytics solutions, our analytics experts have developed a comprehensive solutions portfolio that can help you extract more value from your investments by leveraging analytics at strategic points in the value chain. Request more information to learn more about our capabilities and analytics offerings.

Latest COVID-19 Insights: FREE Downloads

Explore our COVID-19 resource library for detailed analyst insights: https://bit.ly/2xcQsfI

About Quantzig

Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 15 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 45 Fortune 500 companies. For more information on our engagement policies and pricing plans, visit: https://www.quantzig.com/request-for-proposal