Insurance Claims Data Analysis and Analytics

This Insurance Claims Data Analysis Dashboard includes Motor Insurance Claims Data based in the UK. The application runs on Qlik Sense Associative Engine which allows users to perform in depth analysis of the claims payments across a wide range of factors including time, location and claim type. In the application you can see how poor data quality and significant outliers can have a direct impact on the performance results of the company.

The Insurance Claims Analytics video below shows how you can use business intelligence to analyze insurance claims data to identify claims fraud, unusual transactions and data quality issues. You can try the Insurance Claims Data Analysis Dashboard yourself here in the demo page.

One of the issues insurance companies face is fraud. Fraud attempts have seen a drastic increase in recent years with the increase in online businesses thus making fraud detection more important than ever. Despite efforts on the part of the affected institutions, hundreds of millions of dollars are lost to fraud each year and quite likely to increase as well. Just like a needle in a haystack relatively few cases show fraud in a large population. Finding these is not just tricky but sometimes impossible too.

A key weapon for insurers in identifying these fraud perpetrators is the analysis of data. In a classical data analysis scenario, insurers need to be able to search for associations in data between similar types of claims, in similar locations, including something unique like a mobile phone number. These associations between the data can lead to a significant increase in identifying the groups of people that commit these types of fraud. This is exactly where a data visualization solution like Qlik Sense can play an important role in this activity.  Qlik Sense can help Insurance Fraud Analysts identify trends, patterns and examples of fraudulent Whiplash claims.

One step further can be predicting which claims are fraud cases using predictive analytics. Predictive analytics do not require insurers to go through the relationships in their data manually and try to find out the cases where fraud probability is high. This task can be tedious if there are many parameters in the claims data but can easily be handled by a predictive model.

For example below, you can see how an automated machine learning tool (Enhencer in the below case) can help to identify fraud cases.

Procurement Data Analytics Dashboard

Analytics is the process of using quantitative methods to derive actionable insight and outcomes from data. It involves the capture and use of the data to support fact-based decision making and gaining competitive advantage. It typically involves reporting on what has happened in the past but using tools like predictive analytics based on historical data, you can also estimate what will happen in the future.

To catch a glimpse on what does Procurement Data Analytics looks like, you can take a look at this Procurement Dashboard sample. This application illustrates how an organization can analyze their spending and contracts. Users can analyze procurement through the use of purchase orders, contract coverage, payment patterns, etc. to determine which parts of the organization make their payments on time and have outstanding balances, monitor the status of contracts and important contract dates.

The data used in this dashboard can be sourced from a standard Procurement or Accounts Payable module in your accounting or ERP system.

Procurement Data Analytics Dashboard

Financial Data Analysis by Jedox event in Singapore

Jedox is an Excel based financial planning software. Financial data is often difficult to audit and unreliable because of ineffective controls in Excel. The issues surface in overworked teams, manually reconciling data scattered across multiple systems and countries. Traditional BI/PM software needed specialised technical teams to develop and maintain them. Waterfall implementations meant Finance filled out requirement documents, explained basic finance concepts to the technical team - and then waited for the result. The business process (that Finance was still ultimately responsible for) was no longer under Finance’s control. To manage this, agile companies adopt the Jedox Suite. Jedox gives you unified planning, consolidation and reporting in one intuitive solution.

Knowledge Management Solutions, an authorized Jedox partner in Singapore, is having a free event to introduce this great platform to finance specialists in Singapore at 3pm - 5pm, on 28th August 2015. The address of this free Jedox event is Singapore Management University 60 Stamford road
Singapore, 178900.

For more details and registration, please visit Register for Jedox Finance Data Analysis event. Watch a short video of Jedox below to see the capabilities.