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Ventiv Predict

Ventiv-Predict

Risk Management Predictive Analytics Software

Augment your risk and claims data with Ventiv’s benchmark dataset of over $30Bn in closed claims and start getting insights like you have never seen before.

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Who is using Ventiv

  • Seal County of Los Angeles
  • Indiana Public Employers Plan
  • Tribal First
  • Cox Enterprises
  • The Mosaic Company
  • Nestlé
  • Seal-State-of-Georgia-sm
  • Takeda
  • Saint-Gobain
  • Henkel
  • Stagecoach
  • Travelopia
  • Textron
  • Uniting Church in Australia
  • Logo-Imperial-Brands-sm
  • Decathalon
  • Schlumberger
  • HPIC
  • K&S Freighters
  • Marriott

What they are saying about Ventiv

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Meaningful analytics is at the center of what we do, and the analytics platform Ventiv offers has been a natural fit for us. Ventiv excels at data management and flexibility, which are also top priorities.

Chris Knight, EPIC Insurance Brokers & Consultants

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Millions of records and counting

You can obtain real-time insights from benchmarking and predictive modeling that simply would not be apparent with a traditional approach. Our Artificial Intelligence (AI) and Machine Learning (ML) algorithms can help you PREDICT outcomes, prioritize your time and resources, and generate significant ROI.

  • Case Reserve

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  • Predict the ultimate incurred of each claim with the Ventiv Case Reserve model. Whenever new data is added to the claim file, the prediction updates in real time. With these insights, you can easily determine the probable cost of a claim and set reserves accurately.

  • Claim Severity Score

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  • Predict which claims have the potential to exceed a certain cost threshold. With ever-increasing claim volumes, the ability to prioritize is more important than ever. By identifying costly and complex claims early, you can take proactive steps to mitigate severity. Classifying your claims as High, Medium, or Low risk to allocate your time and resources accordingly. Quickly assign complex claims to your most experienced adjusters and simplify management of smaller claims with straight-through processing.

  • Litigation Potential

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  • Formal litigation is a major cost driver in claims management, and legal costs can escalate quickly. With the Ventiv Litigation Potential model, you can predict the likelihood of litigation for each claim. With early identification, you have a greater opportunity to prevent litigation and settle claims earlier.

  • Natural Language Processing

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  • Through sentiment analysis, word trending and text analysis, gain insight into how a claimant is feeling with Positive, Negative or Neutral indicators. The Ventiv Sentiment Score model analyzes the unstructured data in the descriptions and attachments associated with a claim to provide further clarity on how to manage and prioritize claims.

Predict the ultimate incurred of each claim with the Ventiv Case Reserve model. Whenever new data is added to the claim file, the prediction updates in real time. With these insights, you can easily determine the probable cost of a claim and set reserves accurately.

Predict which claims have the potential to exceed a certain cost threshold. With ever-increasing claim volumes, the ability to prioritize is more important than ever. By identifying costly and complex claims early, you can take proactive steps to mitigate severity. Classifying your claims as High, Medium, or Low risk to allocate your time and resources accordingly. Quickly assign complex claims to your most experienced adjusters and simplify management of smaller claims with straight-through processing.

Formal litigation is a major cost driver in claims management, and legal costs can escalate quickly. With the Ventiv Litigation Potential model, you can predict the likelihood of litigation for each claim. With early identification, you have a greater opportunity to prevent litigation and settle claims earlier.

Through sentiment analysis, word trending and text analysis, gain insight into how a claimant is feeling with Positive, Negative or Neutral indicators. The Ventiv Sentiment Score model analyzes the unstructured data in the descriptions and attachments associated with a claim to provide further clarity on how to manage and prioritize claims.

Predict ROI

Ventiv Predict ROI

Using Claim Severity Scoring and Case Reserve Prediction at the beginning of a claim and taking appropriate action can lead to earlier settlement and reduced claim litigation. According to US Department of Labor, private industry employers reported 2.8 million nonfatal workplace injuries1. Claims related to workplace injuries cost more than a billion dollars a week2. Reducing claim payments by 2% could save more than a billion dollars a year. According to our data, costs associated with litigated claims could be four times higher as compared to non-litigated claims.

Early Identification and Action

  • Identify claims that are high severity or likely to have litigation
  • Implement additional advocacy strategies to reduce litigation and foster return-to-work and resolution
  • Achieve straight-through processing for claims with lower costs and severity

Increased Oversight

  • Illuminate potential severity and reserving concerns – frequently before an examiner can identify them
  • Allow your claims team to review targeted files early to drive cost mitigation strategies with the examiner and resources

Benchmarking Insights

  • Utilize millions of anonymized claims to benchmark
  • Gain real-time insights that would not be apparent with a traditional approach

Ready to learn more?

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You have questions about Ventiv Predict...we have answers!

Let’s talk about how AI-based predictive analytics can move your business forward.

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Driving the Data Dividend: Making Use of Analytics in Risk Management

Download our guide that discusses the challenges and proposes a model for data-driven decision making for enterprise risk management purposes.

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With 500+ global customers and counting, Ventiv is one of the premier leaders in the risk management, insurance claims and advanced analytics space. Helping some of the biggest brands on the planet with products like our industry leading Ventiv Predict offering.

Fill out the form, email us at contact@ventivtech.com or call one of our many worldwide office locations to get the conversation started today on moving your business forward.