Predictive analytics, specific to insurance and claims, refer to using predictive models to guide decision-making prior to and during litigation. The findings of a predictive model can range from forecasting whether a claim will become expensive, to whether a motion will succeed. Models are built out with a client's claims data coupled with our accumulated claims data.
We deploy predictive analytics within our legal operations platform, providing claims adjusters and in-house counsel with an overview of 'high risk' claims, highlighted for early intervention. Applying predictive analytics in this way can lead to ALAE decreasing by as much as 10%. Couple this with decreased indemnity due to favorable settlements, and savings skyrocket.
ExpenseCore Legal built-in predictive analytics provide the following benefits:
Improved outcomes - with early case assessment and forecasts, favorable settlement offers can be made prior to a claim requiring the involvement of panel counsel or other resources.
Fewer litigation days - with settlements offered at an early stage in the process, claims are closed prior to racking up countless days in litigation and legal spend as a consequence.
Reduced claim cost - with claims settled favorably and quickly, both indemnity and ALAE is drastically reduced, resulting in an improved profit margin and combined operating ratio.
Contact our team or request a demo to learn more about predictive analytics applied to claims.