Most short term insurers have a corporate vision for claims which includes:
- Increasing customer satisfaction
- Reducing claims handling costs
- Increasing the amount of fraud detected and repudiated.
The OLRAC SPS (OLSPS) solution addresses this objective as it provides a risk score, in real time, for each in scope claim entering the claims handling system. This decision is automated and uses a combination of risk/business rules and predictive analytics to assess the risk profile of each claim. The solution can also be configured to implement other business rules and then produce a segment recommendation for claims assessment.
