Despite the spiking popularity of data analysis, less than half of companies, around 48%, are using it to gain a competitive advantage. Given the plethora of information and insights you can derive from data analysis, it only makes sense to use it to the full. But many business leaders, understandably, don’t know where to start—or which tool is best.
Using a decision analytics platform, you get a ready-made data analytics tool. For those that work with insurance and risk analytics systems, Ventiv’s Decision Analytics Platform (DAP) can streamline a long list of processes, including data quality scoring, Monte Carlo simulations, and benchmarking based on the performance of your peers. Here’s a breakdown of a few of the innovative use cases of Ventiv’s DAP.
Data Quality Scoring
How much time do you spend each week sorting through and vetting data to make sure it’s high-quality and actionable? Some have to invest several hours—or longer—just cleaning data. The problem is this gets in the way of results, delaying the analytical process for hours, if not days.
With Ventiv’s DAP, you can take advantage of an algorithm that automatically scores client data across all of their different types of coverage. The system does the hard work for you, checking for both the accuracy and completeness of client data.
Further, the data gets updated every month and you can use it to generate a dashboard that shows and scores the data you need. You also get the freedom to display the information client by client or based on a specific industry.
This paves the way for effective strategic huddles around:
- The quality of your data
- How to boost data quality
- The kind of data you can expect from different clients
Monte Carlo Simulations
A Monte Carlo simulation refers to a computational method built on random sampling. It’s helpful for the simulation of complicated processes and systems, to give you an idea as to what types of outcomes you can expect.
For an insurance company or risk management professional that uses risk analytics tools, Monte Carlo simulations can be an effective way to predict the likelihood of different kinds of claims.
Using Ventiv’s DAP, you can leverage Monte Carlo simulations that make it easier to see risks months or years before they impact your business. For example, Ventiv has built an algorithm that simulates Workers’ Comp claims—thousands of them—using historical data.
With this tool, you can see the kinds of Workers’ Comp claims you may face in the future, their details, and how much they’re likely to cost. You also can run test scenarios, developing your own hypothetical situations and seeing how those could impact your Workers’ Comp-related claims and expenses.
As a result, you have the power to prepare ahead of time for the risks you may face, make staffing and budgeting decisions accordingly, and ensure your team is ready to handle the kinds of claims that are most likely to come up.
Benchmarking Based on Your Peers
How are you stacking up against your peers? Are you ahead of the curve, or is there some room for growth? More importantly, do you have the data you need to accurately view your performance through a competitive lens?
In the insurance industry, there aren’t many tools available for benchmarking based on peer performance. But you can use Ventiv’s DAP to fill this void.
Ventiv has built a proprietary database packed with data from millions of claims across more than 20 industries. With the DAP, you can compare your company’s performance with that of your peers.
For example, you can check out how many claims different kinds of companies manage over a certain period. You can also take a peak at the average cost per claim and how it’s varied over time.
You can also dig deeper, building benchmarks based on more granular data, such as whether litigation is involved in a claim, how long claims last, and even intricate claim details, such as the body parts injured in an accident.
With this data in hand, there’s no reason to guess whether or not you’re keeping up with industry standards. Do you have concrete data you can use to juxtapose your performance with that of others in your industry? This makes it far easier to set goals for individual departments, managers, and decision-makers in the C-suite.
Gain a Competitive Advantage with Ventiv’s DAP
Ventiv's DAP is a valuable resource for insurance and risk management professionals because it provides several innovative features that can help businesses gain a competitive advantage. Data quality scoring, Monte Carlo simulations, and peer benchmarking are just a few use cases.
With dedicated risk analytics software that’s engineered for insurance and risk management, it’s easier and faster to leverage data to beat out the competition. Discover how by connecting with Ventiv today.
