Claims management costs comprise a significant amount of some insurance companies’ operational expenses—as much as 20 percent. And since the claims process directly affects customer satisfaction, claims management is one of the most critical functions of your business. Reducing claims management costs, even by a small amount, can have a significant, positive impact on your company’s performance.
Claims management solutions from SPSS use predictive analytics to help you reduce cycle times and minimize costs—while improving the productivity, accuracy, and consistency of your claim handling process and minimizing the risk of fraud. Claims management solutions from SPSS can support your claim handling process by enabling you to:
A leading European insurance firm added SPSS predictive analytics to their existing claims processing system and decreased claim-handling costs by 20 to 40 percent while doubling fraud detection rates. Real-time risk assessment enables the insurer to expedite claims handling, focus fraud investigators on the highest risk claims, and settle low risk claims quickly to keep policyholders happy.
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Contact SPSS sales to learn how predictive analytics can deliver rapid return on investment for your organization.
