CLAIMS LITIGATION INTELLIGENT PREDICTION SYSTEM
For an insurance company, the ability to detect “fraudulent claims” in real time and alert the field staff, can add significantly to the bottom line. Multiple claims, running into litigations, affect, both, the reputation in the marketplace as well as earning potential. The need of the hour is for a solution that is proactive and helps Claims Adjusters predict the probability of a claim getting into litigation.
CLIPS is a Machine Learning based engine that can predict the claims that have the propensity to get into litigation. It also provides Claim Adjusters the factors that are affecting the probability, along with the corresponding weights.
- CLIPS has the potential to reduce litigated claims by nearly 10% on an annual basis
- CLIPS places real-time information at the fingertips of Claim Adjusters, so that they can take timely decisions to minimize litigations
- CLIPS can help enhance Insurer’s reputation in the market for better operational efficiencies and practices
- CLIPS ensures lower claim processing costs and faster claim processing cycles