Not only are many companies talking about data analytics right now, but they’re also putting their money where their mouths are: the big data market is projected to jump from $241 billion at the end of 2021 to $655 billion by 2029. In the insurance and risk mitigation sector, a Decision Analytics Platform (DAP) can serve as the hub of your data analytics initiative. It gives you the data processing and insights you need to improve risk analysis, claims, operational efficiency, and more.
But not all decision analytics platforms are created equal. Here’s how Ventiv’s Decision Analytics Platform (DAP) can give you a competitive advantage as a risk analytics tool.
Easily Collect Data from Many Sources
It’s not uncommon for a single company to have dozens of data silos, each stemming from a different source or format of data. With Ventiv’s DAP, you can collect data from more than 40 different database formats.
Because Ventiv’s DAP can work with such a broad range of formats used in data analysis, you can freely combine and work with data regardless of its source or format. Also, it has the ability to integrate a combination of structured and unstructured data. Giving you more flexibility when performing analyses.
As a result, Ventiv gives you the freedom to pull in data when and how you like without having to worry about time-consuming conversion processes.
Focus on the Data Analysis Most Important to Your Needs
It’s easy to feel like you’re drowning in a flood of data, particularly when it’s coming from multiple applications and devices simultaneously. A complicated data swamp can make it difficult to hone in on what you need to produce useful insights.
But with Ventiv’s risk analytics system, you get a streamlined, simplified system that makes it easy to focus on the data you need for your day-to-day operations. For example, you can have the DAP surface your average claim cost and duration via two graphs on the same dashboard. You also can customize what each user sees—per whatever makes their job easier.
Use Dynamic Storyboarding to Present Insights
It takes more than a cool bar graph to tell a compelling story, especially in the complex world of risk management. Good data storytelling involves both presenting numbers and trends as well as describing the processes you used to produce them.
Ventiv’s DAP gives you a suite of storytelling tools that make it easy to bring your insights to life. Regardless of your audience, with Ventiv’s DAP, you can outline your data insights in a way that’s easy to understand. Enabling decision-makers the ability to use your insights to steer your company in the right direction.
To illustrate, suppose you’re in charge of risk management for a financial services institution. You’ve been charged with assessing the level of risk your company faces from loan defaults, focusing on a portfolio that includes particularly risky borrowers. In your analysis, you discover that default rates for the demographics in this portfolio are more likely to be a factor of age and city as opposed to credit score. This may come as a surprise to some decision-makers, so you use Ventiv’s risk analytics software to ensure your insights are both clear and actionable.
In your presentation, you include:
- A graphic that shows how frequently people of a certain age default, alongside one that shows default rates for different cities.
- Another graphic that shows a lack of significant clustering for data points depicting credit scores
- A written explanation of the statistical methods the system used to derive the information
- A clear, two-sentence description of the highlights of your findings
Each person in the meeting walks away with a copy of your presentation, feeling comfortable making a decision based on age and location as opposed to merely a credit rating.
Predict the Kinds of Claims You’ll Have to Deal With
As claims volumes increases, it’s easy for adjusters—regardless of how experienced they are—to get bogged down and feel overwhelmed. Even experienced claims professionals may find it hard to deal with the unpredictable nature of claims, especially when they have to manage time-consuming or complicated cases.
To prevent the claims cascade from barrel-rolling your staff, you can use predictive models to see what’s likely to come around the bend. For instance, with Ventiv’s DAP, you can predict the likelihood of getting claims that result in litigation or take a long time to resolve.
You also have the option to choose between pre-built models or developing your own within the DAP. This puts you in a position to:
- Set aside reserve funds to ensure you have the resources to handle the kinds of claims you’re likely to face
- Prepare legal staff, adjusters, and others whose daily workflows may be impacted by complicated claims
- Make sure you hire and train the best personnel for handling the kinds of claims that most likely lie ahead
Start Leveraging Risk Data Now
With Ventiv’s decision analytics platform, you can streamline your data analysis, present it in a way that moves others to action, and predict the kinds of claims your organization may face in the future. To learn more about how you can start leveraging data, connect with a Ventiv rep today.
