Data Mining

Claim Scoring

Not all P&C insurance claims are created equal. Some can be adjudicated in a matter of minutes while others may take years to resolve. Others may have subrogation potential that require quick action and coordination with other parties to ensure the appropriate investigation is performed. Ultimately, the resources deployed by carriers to effectively handle claims should vary given some of these known differences and the associated level of experience required. The utilization of Paragon’s Claim Scoring Service allows a carrier to move away from a one size fits all approach to a more dynamic claims handling practice.

Paragon’s predictive modeling capabilities and integration tools offered through its Claim Scoring Service provides the means to apply the right resources at the right time. Paragon initiates the service by developing customized predictive models directly from the client’s historical data to solve your claim administration challenges. Paragon also provides the appropriate tools and reports to integrate the modeling results directly into existing claim processes and platforms.

This streamlined approach provides clients with the following benefits:

  • Increased customer service due to a decrease in claim handling cycle times
  • Reduction in claim adjusting costs by allocating the appropriate resources
  • Maximization of recovery results by mitigating subrogation leakage

Consulting

Claims optimization, fraud detection and underwriting pricing are common practices where predictive analytics are being deployed in today’s P&C environment. While these are some of the known areas where significant value can be generated from the implementation of analytics, it’s not a finite list. The application of modeling is actually limitless if the right data is being adequately captured. Paragon’s Data Mining Consulting (DMC) Service is focused on solving challenges that aren’t the norm.

Having utilized predictive analytics within its own operations for years, Paragon understands the challenges associated with the effective implementation of a predictive modeling strategy. Developing the actual models is, in most cases, the easy part of the process.

The true challenges are ensuring that the client’s data is prepared correctly and efficiently putting the results of the models into practice.

Paragon’s DMC delivers the following value added benefits to clients that are attempting to solve their operational challenges with predictive modeling:

  • Experienced resources required to develop custom predictive models
  • Recommendations for the optimal deployment of the modeling results
  • Tools needed to evaluate the success of the models and determine where and when remodeling should take place

System Development

Data mining and predictive modeling can be leveraged by businesses to derive improved workflows. This is only part of the equation. What analytics brings to the table is the insight needed to make better decisions. What organizations ultimately have to solve is how to best implement the results of analytics into their existing environment to fully maximize the underlying value of the data.

Determining the best way to manage and present modeling results back to end users can become a great challenge. While it is possible to leverage spreadsheets and other reports, there are limitations and opportunities for manual errors to occur.

Paragon’s Data Mining System Development service is focused on the development of custom-made applications that effectively present information to the operators. These applications provide clients with streamlined workflow and the ability to track individual progress.

By combining its predictive modeling expertise with its application development knowhow, Paragon is able to deliver the following benefits:

  • Role-based user environments that allows for auditing and approval processing
  • Inclusion of management / metric reporting to track operator performance
  • Controlled environment that captures data updates at the end user level