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Monday, 20 March, 2023

Supporting data-based decisions in claims management: Eucon presents market insights solution for insurers at Claims Congress

Eucon, a digital pioneer and expert in data-driven decision-making, is presenting its new Claims Data Intelligence solution at this year’s Claims Congress in Leipzig. The tool provides deep insights into price and cost trends in claims management, enabling insurers to optimize their claims costs on a data-driven basis. Claims Data Intelligence will be available on the market at the beginning of April.

Claims Data Intelligence helps claims handlers keep track of cost trends in the market and make data-driven decisions in claims processing. Photo: Eucon

Insurance companies have always produced and processed an enormous amount of data. In view of the current global challenges and associated uncertainties in the market, these data treasures alone will not be enough to obtain a comprehensive market overview and accurately assess their impact. In the future, claims management in particular will be about analyzing various data sources in even greater detail and at a faster pace, as well as making intelligent use of them.

With Claims Data Intelligence, Eucon provides insurers with complementary market insights to help them gain a comprehensive overview of price and cost developments in claims management. As a result, their experts can make easier and better decisions based on a constantly updated database and identify and leverage valuable potential quickly.

Data-driven decision-making for cost-optimized claims settlement

“Many insurance companies today still lack fine-grained data about their own cost developments and transparency about price changes in the market. By enriching their data base with greater detail and benchmarks from the market, cost analyses become more differentiated and offer better insights. These can be used to identify trends and improve existing processes," says Dr. Jan Wiltschut, Product Manager Data Solutions at Eucon. This allows insurers to respond to increasing cost pressure and identify potential savings more efficiently.

Price trends for craftsmen and workshops, for instance, can be tracked and compared. On this basis, claims handlers can make follow-up decisions more quickly or conduct negotiations with service providers in a more targeted way. In the event of sudden market changes, for example due to supply bottlenecks or wage increases, insurers can adjust their tariff planning much faster.

Claims Data Intelligence will be available to the insurance industry as of April. At the Claims Congress in Leipzig on March 21 – 22, 2023, Eucon will provide initial insights into the tool’s features.