Predictive analytics recognizes meaningful patterns and relationships in data and provides actionable decision-making information about the future.

With Full Capture, the power of analytic technology is applied to insurance claims to give you full, complete answers to the three essential questions in reducing loss costs:

• Discovery – What happened?
• Forensic Analysis – Why did it happen?
• Predictive Modeling – What is likely to happen?

Full Capture’s breakthrough technology yields actionable business intelligence for the senior claim executive – intelligence that will help you save millions of dollars in different applications to multiple lines of business. Loss costs are reduced by notably capturing the information that, until now, has been buried in your claims data.

The 97% Solution

Claim data is unique in many ways when compared to enterprise data gathered elsewhere in an insurance company. What is the biggest differentiator? The proportion of unstructured data stored in claim systems. Research groups have estimated that up to 80 percent of a company’s data is unstructured, and therefore, inaccessible or extremely difficult to gain access to. As staggering as the 80 percent figure seems, other independent research on P&C claim data found that more than 97 percent of data in claim systems is unstructured. It’s not only the percentage that is stunning, it’s also the fact that the richest information resides in the unique set of words, acronyms, and abbreviations that comprise the adjuster’s notes.

But adjuster notes are just a part of a claim department’s unstructured data inventory. There also are e-mails with attachments, imaged documents, case manager notes, web-based information, recorded statement transcriptions (or digital audio files), and digital photos. All of this valuable content currently exists within insurance companies’ data bases. Yet it’s safe to say that MIS reports available to claim executives are extracted exclusively from the structured data fields that only comprise a sliver of the available information.