Analytics

MSB Claims Analytics transforms your mountains of unstructured claims data into actionable information. Claims Analytics uncovers trends within your claims data, reveals causes of claims problems and helps create strategy that will enable you to outperform your competitors.

Claims Analytics starts with analyzing claim severity drivers that are captured by examining how claims are adjusted. Our analysis goes deeper than just claim totals and summaries of line items. Our Claims Analytics captures all property claims data as well as information about the nature of the claim’s settlement. Review of this data allows you and MSB to study and gain insight into your current business practices.

MSB has designed a powerful resource for compiling and examining data for the entire insurance industry: the Insurance Data Warehouse (IDW). The IDW pools claim data from millions of electronic claim files. This enables Claims Analytics to benchmark your costs against MSB data, industry data, your own internal data and specific data from local fulfillment sources. Claims Analytics reviews targeted claims that are either open or closed then verifies adjuster practices, valuation techniques, policy limits and settlement amounts in any given claim.

Custom Analyses

The claims you incur are not identical to those of your competitors. Therefore, MSB Claims Analytics delivers custom analyses that fall into four key categories:

• The MSB Baseline Analysis, which provides a claims practice benchmark comparison relative to industry data and your prior year data.
• The Information Exchange (Web TQS), which incorporates proprietary Web reporting tools to provide regular “course-check”.
• Executive Dashboards and Management Reporting, which provide your senior management team information they can leverage to implement both strategic and tactical initiatives.
• Ad-Hoc Studies, performed at your request, to expose claims-related issues or activities that have an impact on your daily business.

Claims Analytics enables you to target the root causes of differences in claim handling, helping you target the accuracy of claim handling and the fairness of indemnity payouts.. Post-claim, Analytics empowers you with the information you need to make strategic decisions that create positive and profit-driven change.

Additionally, MSB offers our Field Partnership Program to help transform business intelligence derived from Claims Analytics into a Best Practices Model custom-designed for your claims operation. We base our Best Practices Model on the most profitable and successful practices found in the industry.

Utilizing Claims Analytics and our Field Partnership Program, you can eliminate inefficient practices and experience positive financial impact within 90 days. Moreover, MSB has consistently delivered results to our clients that have enabled them to improve loss ratios by as much as seven percent.