With text mining, we are finding new suspicious claims that would not have been referred to the SIU [special investigative unit] in the past, and we are identifying suspicious claims earlier in the process, with fewer payments out the door.
Tulsa, OK (PRWEB) July 18, 2011
Dr. Paul Lewicki delivered a well-received talk about text mining and its importance in the insurance industry to actuaries at the Society of Actuaries’ (SOA) annual Health Meeting recently. Dr. Lewicki’s talk provided a comprehensive overview of text mining approaches and applications, stressing recent advances that make it easier than ever to increase the utilization of unstructured data resources available to insurance companies for increasing the accuracy of predictions of risk and fraud and for other applications.
Utilizing unstructured data sources, such as claim adjustor notes, notes about treatments and diagnoses on medical and Workers Compensation claims, and how incorporating third party data sources helps improve underwriting decisions, detect fraud, identify opportunities for subrogation earlier, improve accuracy of reserves and assign the right service level to claims. STATISTICA Text Miner is a fully integrated component of the STATISTICA enterprise analytics and predictive modeling suite utilized by many leading insurance companies for advanced analytics, predictive modeling, data mining, smart cross sell and real-time scoring.
More and more insurance companies are realizing the need for analytics software in their businesses. One of StatSoft’s largest customers said, “With text mining, we are finding new suspicious claims that would not have been referred to the SIU [special investigative unit] in the past, and we are identifying suspicious claims earlier in the process, with fewer payments out the door.”
The Society of Actuaries (SOA) is an educational, research and professional organization dedicated to serving the public and Society members. The SOA is the largest professional organization dedicated to serving 21,000 actuarial members and the public in the United States, Canada and worldwide. The SOA's vision is for actuaries to be the leading professionals in the measurement and management of risk.
For additional information about text mining for insurance companies, visit the StatSoft website. It is more important than ever to reduce costs and identify patterns in claims. STATISTICA Text Miner can do this and more.