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Tag: legal-predictive-analytics

5 Essential Principles for Understanding Analytics

Where did I learn about insurance claims litigation analytics? I studied at Harvard.

Okay, not really, but I can say that Harvard has educated me on analytics, and if you read this, you can be Harvard-educated, too!
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Transform Your Insurance Claims Department Using Claims Predictive Modeling

Focus on claims predictive modeling. If you’re in the insurance claims industry, make the decision now: are you going to be mediocre, or are you going to be great?

Good, now that you’ve decided to be great, let me tell you about some of the obstacles.
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Is Your Company Winning with Insurance Claims Predictive Modeling?

There’s a party going on and you’re invited. Tons of models are at the party too.

If you’re like most claims executives, you like to arrive fashionably late to the party. You don’t want to be the first people there. You don’t even want to be in the first 50% of people to show up.
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Insurance Claims Innovation is Simply Claims Knowledge Plus Data Knowledge

Insurance company executives, you don’t have to listen to me. Listen to this author of the article in PC360.

I am going to highlight two important points here.
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Hacking Litigation: An Overview of Claims Litigation Data Analytics

It’s time to take advantage of the opportunities we have, especially claims litigation data analytics. Using data analytics, homeowners insurers and their attorneys can save millions of dollars per year in unnecessary expenses. For homeowners insurers, competing on analytics could help insurers reduce their defense cost containment expenses by 30-50%
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Hacking Litigation: An Overview of Claims Litigation Management Software Transparency

The only thing worse than spending 1-2% of gross written premiums on legal defense costs is having no way to find that out.

  • Where’s the list of things a insurer needs to do when it is sued?
  • Where’s the list showing the options to defend the lawsuit?
  • Where’s the data on which legal processes work, and which ones don’t?
  • Where’s the analytics showing insurers which law firms and lawyers are outperforming the others?
  • Where’s the automatic (not manual) pie graph showing insurers how opposing attorneys will resolve cases based on prior case data?
  • Where is the searchable report showing insurers which attorneys insurers should pay more, and which attorneys they should pay less?

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