Management at Proclaim has traditionally been data driven in its approach. We have taken it much deeper over the last couple of years. There has been increasing emphasis towards collecting more and accurate data in the system. Resources, tools and technologies have been upgraded to enable more advanced data reporting. During these challenging times, the data insights are turning out to be extremely valuable to our managers in guiding important decisions.
The chart below, for an example, represents a random selection of our Corporate clients to illustrate the point. Compared to previous years, we can clearly see that the activity in 2020 is plunging.
There is reduced activity in pubs, malls etc. which cascades to a reduction in Liability claims to be processed by Proclaim. Proclaimers empathize for our clients who are going through the rough patch, and do our best to help. We also put ourselves in the shoes of claimants and try to settle claims in a mutually beneficial way.
But, there are other segments like Health or Professional Indemnity where there are increased claim volumes with more people impacted by COVID-19!
Our managers keep a close eye on the volume trends shown in dynamic and interactive Power BI dashboards.
The dashboards show near-live data and have advanced features that allow managers to drill up / down to see quarterly, monthly, weekly views of the trends. Comparison of workloads across different Claim Managers can also be easily made. These insights influence decisions like cross training and shuffling of employees to balance workloads across teams.
While a crisis period like the COVID-19 lockdown shrinks economy globally, it magnifies the value of Data Insights significantly. These are passages that not all businesses are going to survive. These are times when the usual patterns and working models can be thrown out of the window. Only robust and smart businesses are set to come out alive in post-coronavirus world.
We, at Proclaim, are reaping the benefits of advanced Data Analytics. We want to enable our clients to thrive on Data Insights too!
Written by Arulvel Kumar, Senior Data Scientist