Insurance Group Strengthens Risk Management with TIBCO Statistica
Faster answers from unstructured data, improved accuracy of liability estimates, expanded service offerings
The extent of a bodily injury is not always predictable in the immediate aftermath of a vehicle accident. Injuries that were not at first obvious may become acute. The earlier that an insurance company can accurately estimate their liability for medical damages, the more precisely they can manage their risk and consolidate their resources. But because needed information is contained in unstructured documents such as accident reports and witness statements, it is extremely time-consuming for individual employees to perform the needed analysis.
"Bodily injury claims are growing disproportionately compared with vehicle damage claims," says the team leader of actuarial services. "They now represent about 45 percent of the claims made against our members, and that proportion will continue to increase because of recent legislative changes."
To automate analysis of unstructured accident reports, witness statements, and claim narratives, the bureau chose TIBCO Statistica™ Data Miner and its Text Miner extension.
The intuitive data and text mining tools are helping business users predict claims for serious bodily injury in earlier stages of accident investigations.
Faster Answers from Complete, Unstructured Data
With the Text Miner extraction and selection tools, users can index, classify, and cluster information from large collections of unstructured text data. The solution reads and writes data from virtually all standard file formats and offers strong, sophisticated data cleaning tools. It supports novice users with query wizards that help them arrive at the answers they need more quickly.
Improved Accuracy of Liability Estimates
"The Statistica solution's data mining and text mining capabilities are already helping us expose additional risk characteristics, thus making it possible to predict serious medical claims in earlier stages of the investigation," says the team lead. "With the Statistica solution, we can make much more accurate estimates of total damages and plan accordingly.
Expanded Service Offerings to Members
"We are in a data-driven business. With Statistica, we can provide our members with detailed analyses of claims and market trends. Statistica helps us provide even stronger recommendations concerning claims reserves."
The Statistica solution is also being used to make predictions about future medical damage claims, to find patterns that indicate attempted fraud, and identify needed road safety improvements.
"The outputs of our Statistica analyses are easy to understand. Business users find that the analysis results are in line with their own experience and recommendations, so they readily see the value in the Statistica solution."