Text Mining In the P&C Back Office

Text mining is one such capability that property and casualty (P&C) insurers are increasingly using to uncover critical insights from unstructured data sources. Using text mining, carriers are able to identify high-impact opportunities selectively, control losses and costs, allocate resources, and optimize financial outcomes. In the back office, text mining allows them to gain a better understanding of their claims operations, minimize missed financial opportunities, optimize workflow, detect potentially fraudulent claims, and derive actionable insights from customer feedback, among many other benefits.

Enhancing Claims EffectivenessAt the center of the claims-handling process, adjusters have an unenviably difficult task. They must not only accurately evaluate losses and negotiate fair and equitable settlements but also assess claims for a number of additional routing opportunities, such as subrogation, fraud, independent medical examinations (IME), and case management. Claims adjusters’ knowledge, expertise, and attention to detail are crucial because any missed opportunities or poor decisions can significantly affect claims outcomes and business results.