Why QueBIT for Insurance
The insurance industry is facing many unique challenges that require more than basic financial analysis and reporting capabilities. Today insurance companies need to monitor the financial and operational performance while appraising and controlling risk in underwriting, pricing, claims, marketing and reserving.
The QueBIT team delivers solutions in each of these areas to make sure that customers have the best access to information on current performance but also have the best insight to improve performance in the future.
- Financial and Operational Performance Management (FOPM)
- Risk Modeling
- Data Management
Workday Adaptive Planning for Insurance
Workday Adaptive Planning provides insurance companies with a performance management system that facilitates planning and reporting revenues and expenses across a complex organization with a large number of dimensions, such as state and product line, and to produce both GAAP and statutory reporting.
Predictive Planning & Forecasting for Insurance
Financial and Operational Performance Management (FOPM):
- Reporting on actuals for external and internal requirements.
- Premium and loss planning of future revenue streams and expected losses.
- Reserve planning to determine statutory requirements for planned business.
- OpEx planning to manage the cost of running a company.
Predictive Claims Subrogation
QueBIT’s Claim Complexity, Fraud and Subrogation solution can greatly increase your identification and recoveries with a very minimal investment of your time and money! It’s the first platform that performs all these functions in a purpose-built solution that can be implemented in just a few days.
- Greater than 95% identification
- Low false positive rate < 10%
- Fully automated claim identification
- Ability to scale to large claim amounts with frequent claim re-evaluation
- 10x or better ROI (first year)