POWERING WORKER’S COMPENSATION CLAIM HANDLING WITH MACHINE LEARNING
Workers’ compensation is a large and important segment of insurance business. And like elsewhere in the domain, this field too is witnessing an ever increasing role of advanced analytics in core operations: marketing, risk management, underwriting, actuarial pricing and reserve calculation. So far, one of the most important application has been in predicting the future of a claim to facilitate early intervention for containing the prospective damage or loss. Successful commissioning of intervention mechanisms driven by analytics in general and Machine Learning in particular, is now a fast emerging way to grow profits in the insurance industry.
This talk presents a high level introduction to some of the predictive models under use in claim handling business. Although it is the hope that experts enjoy the contents, special effort is towards making it stimulating and motivating for non-technical audience as well. Actually anyone interested in the idea of automated data driven decision engines for business applications is welcome.
Outline/Structure of the Talk
- Introduction to Workers' Compensation Insurance and Claim Handling
- Opportunity areas for Advanced Analytics and Machine Learning
- Use-cases like finding opportunities for recoveries on claim losses, identification of claims with high risks and so on
- Recommend solutions to business e.g. alert activation and early intervention
- Summing it all, future vision and conclusions
- Identification of Advanced Analytics and Machine Learning Opportunities in Business
- Going from Concept Stage to a Final Product
executive decision makers, data scientists, business analysts and anyone interested in data driven solutions
Prerequisites for Attendees
A general interest in data driven decision making