What is it?

Advanced Analytics

At Crawford & Company, we are at the forefront of the claims administration market in using advanced analytics to improve client reporting, optimize operations, manage quality, improve product offering, and enrich strategic planning.

To do this we use industry leading technologies such as Cognos BI and Tableau as well as other innovative tools for data mining and predictive modeling.

What does it do?

Advanced analytics is used for a wide range of objectives. Some of them are:

• Visual dashboards on dozens of important KPI’s
• Operations and productivity analysis
• Catastrophe event management
• Geographic mapping and data visualization
• Market basket analysis and product intelligence
• Forecasting for strategic planning

For example, we used Tableau to monitor Superstorm Sandy as it developed. This brought about much needed visibility and supported decision-making for managing the CAT operation, adjusters in the field, and exposure for the clients.

In another example, we created hundreds of models to forecast supply and demand for GTS operations by region, country, industry, peril, and insurer. This aids strategic planning, hiring and training decisions.

Advanced analytics is also very useful to help manage each claim. For example, we have built predictive models to predict claim severity and likelihood of litigation for workers compensation claims based on historical structured and unstructured data. Predictions aim at helping adjusters take the best course of actions to optimize for each claim and achieve the best possible outcome.

How does it help us?

Advanced analytics make us a smarter organization, position us better in the competitive marketplace, and help improve service level to the clients by providing:

• Better visibility into current processes helps decision makers at all levels of the organization make informed decisions.
• Better insight from historical data helps build organizational knowledge to become increasingly better at what we do as the market needs evolve.
• Better foresight helps us prepare for the future and take control of the emerging trends.

Who uses it?

Most countries and business units use some form of advanced analytics.

When was it launched?

2010

Where can I get more information?

Please reach out to the ICT leader aligned with your business unit or contact Sergo Grigalashvili.