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Product: |
Claims Advisor for Subrogation |
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Company: |
FICO |
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Type: |
Software |
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Description: |
Losses through subrogation continue to cost insurance carriers millions, straining the productivity of both claims adjusters and recovery experts. Claims Advisor for Subrogation identifies recovery opportunities within 24 to 48 hours of accident reports. It focuses on those that are worth pursuing -- the 10% to 15% with the highest recovery potential where evidence can be salvaged and witnesses identified. Adjusters spend less time searching through claims data for subrogation signals so they can devote more time to managing claims and servicing customers.
This intelligent software solution applies advanced predictive analytics to evaluate and quantify subrogation potential of incoming claims. It uses what it has learned from the claims characteristics and recovery outcomes of more than 35 million past claims to recognize patterns that signal subrogation in current claims. Neural network-based predictive models look at complex, nonlinear relationships between multiple pieces of claim data to find hidden patterns. Context Vector technology is also used to interpret notes and detect subtle subrogation signals that might not be recognized until later in the claim life cycle or never at all. Claims are scored for recovery potential, enabling insurers to focus their investigative resources where recoveries are likely to be substantial.
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Related Products: |
Insurance Applications Software | Insurance Industry | Neural Networks | Predictive Analytics | Predictive Analytics Software |
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