predictive analytics News

4 Ways Machine Learning Can Help Workers’ Comp Claims Teams

You may have heard some buzz about machine learning (ML), but what exactly is it? And, more importantly, how does it relate to you? ML essentially refers to the phenomenon of computers and other devices that appear to be intelligent …

Predictive Models Help Valen Analytics Workers’ Comp Clients Outperform Industry Average

A new study released by Colorado-based Valen Analytics, an Insurity company and provider of proprietary data, analytics and predictive modeling for P/C insurers, revealed that its workers’ compensation customers reported an average of 25 percent loss ratio improvement, nearly double …

More Insurers Adopting Predictive Analytics to Combat Fraud

Declining cost barriers, the availability of cloud storage and telematics will likely increase predictive analytic adoption rates, according to Dan Donovan, assistant vice president of Claims Solutions at Verisk Insurance Solutions. Though predictive modeling has been used for some time …

Analytics at Heart of Workers’ Comp Cost Containment

To remain competitive in the marketplace, all workers’ compensation carriers will need to adopt some form of analytics, according to Rob Lewis, president of ISO Claims Partners. Lewis outlined the benefits of using predictive analytics in all stages of a …

Advocacy-Based Models, Analytics Highlight Best Practices Used by Successful Workers’ Comp Firms

Better performing workers’ comp claims organizations utilize key performance indicators, data analytics and an advocacy-based model to successfully manage claims, according to Rising Medical Solution’s most recent Workers’ Compensation Benchmarking Study. Better performing workers’ comp claims organizations utilize key performance …

The Taming of the Skew

In the famous comedy by William Shakespeare, “The Taming of the Shrew,” the main plot depicts the courtship of Petruchio and Katherina, the headstrong, uncooperative shrew. Initially, Katherina is an unwilling participant in the relationship, but Petruchio breaks down her …

As Insurance Fraud Surges, Insurers Fight Back by Automating Detection

Insurance fraud is rising and more insurers are responding forcefully by automating investigations with skilled technology, according to a study of insurer technology usage by the Coalition Against Insurance Fraud. More than 60 percent of insurers say fraud has climbed …

How Data Analytics Helps to Control Workers’ Comp Claims and Costs

Several challenges unique to workers’ compensation claims highlight the benefits of a robust data analytics system, according to a panel of experts who presented on the subject during Verisk Insurance Solutions’ Monday webinar series. Underwriting new risks, managing medical provider …

Using Graph Analysis to Root Out Complex Fraud Rings

A new form of predictive analytics offers the ability to detect fraud committed by a group or ring in real time. According to Philip Rathle, vice president of products for California-based Neo4j, graph analysis dates back to 2000, when the …

Predictive Analytics Help Wayward Workers’ Comp Claims

High complexity claims account for the majority of dollars spent in workers’ compensation claims. One way to identify high exposure claims early is by using predictive analytics. Using analytics, carriers can spot problem cases and direct them to a more …