Omniscient Claims Analytics & Reporting
Claims Management typically account for up to 80 percent of an insurance company's costs, making it imperative for every insurance company to manage these costs most efficiently to ensure that they maintain a healthy profit margin. What is the most efficient way to manage Claims? It is easier said than done as huge amounts of data are always involved and it is a challenge to correlate and analyze the data to derive intelligence and make the right decisions at the right time. Omniscient was developed by the 4iSoft team to overcome this challenge – 4iSoft's Omniscient product lets you get to the data and analyze the data easily, regardless of the volume, so you can make informed, intelligent decisions based on reproducible facts.
How Omniscient can help!
Analyzing claim data at each stage in the claim life cycle – from first notice of loss to payout – is critical for making the right decisions at the right time for the right parties. With Omniscient, you have the tools to do this easily. With a push of a button you can get answers to questions like:
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How many claims are open and for how long?
- What is the total incurred value by claim type?
- What is the frequency and severity of claims by location, organization, loss type and so on?
- What are the claim patterns?
- How does the current claim picture compare to other periods of time?
4iSoft’s Omniscient claims data analytics quickly enables specific views of claim data tailored to your unique claims administration needs. You can share specific data with your specific customers, whether internal or external or you can look at your operation as a whole. You define what you need and Omniscient will provide it.
Line of Insurance Omniscient Supports
- Property & Casualty including Workers Comp and General liability
- Non-Occupational Diability - STD & LTD
- Benefits
- Life
Use Omniscient to answer questions like:
- How do we minimize time and effort required to generate Ad hoc reports from current claims system?
- How do we get instant information about claims data?
- How do we improve claims management and administration processes?
- How compliant are we in programs that minimize risk?
- Where is our greatest exposure based on leading indicators?
- How does our current performance compare to our targets?
- How well are my loss-control programs performing?
Analytics View is also supported by Graphs and can be exported to excel for easy sharing between colleagues and clients.
