In the current economic climate, insurers, businesses and customers are all under pressure. The risk of policy lapses and claim fraud are higher than ever. Insurers need to adapt to keep pace with changing customers, competition and technology to remain successful. This means, you need access to deep, accurate data fast, for you to optimise more refined customer and pricing segmentation practices, streamlined underwriting and operational efficiencies.
By utilising accurate data, the time to process transactions can be reduced and the risk of inaccurate data being captured at source can be mitigated. This results in a more user friendly customer experience, a reduction in the costs of policy acquisition, management and claims, better risk selection and an improvement in premium collection which collectively can assist in reducing the cost of insurance.
As the insurance industry rapidly evolves, insurers need to position themselves to be able to respond quickly to customer risk requirements and to be able to identify each customer’s unique set of risks. illion enables you to identify and verify customers, protect your book against fraud, market effectively with the most appropriate offers at the right time, and more. Armed with these innovative tools, you are able to confidently acquire and retain the right customers, improve underwriting and policy pricing, compete more effectively and grow. illion leverages its consumer and commercial credit registries, to provide end-to-end customer management solutions to all of our clients. illion is also in a unique position to provide current and historical claims and enquiry information to the Australian general insurance market which provides insurers insights to make more informed decisions.
illion has traditional data and unique data assets that combined with our world class technology is designed for the entire policy lifecycle to drive better insurance decisions.
The insurance claims report enables general insurers to obtain an integrated view of a policyholder’s claims history for the purpose of supporting risk underwriting, claims management, claims investigations, loss assessment and fraud detection. The information on the Insurance Claims report allows general insurers to:
- Validate data and risk upfront – at time of underwriting
- Improve claims handling
- Better targeted investigative processes
- Faster investigative processes
- Assist in identification of claims fraud