Determining if a company’s new building could be prone to floods was once seen through a fairly limited prism of past events and broad forecasts. Today, it’s possible to gauge that threat, and many others, well into the future and far more accurately. Using an extensive selection of external data, predictive analytics can help identify emerging risks and help businesses plan accordingly.
With Zurich’s predictive analytics methodologies, customers can be informed regarding the potential of these future risks and take steps to help mitigate possible losses. Developed from aggregated data, the methodologies can also be used to resolve claims more efficiently, potentially reducing overall costs and wait time for customers.
Zurich’s analytical models are more than just examples of what data analytics can do; they are powerful tools that can create meaningful options for customers so they can make effective decisions.
How predictive analytics can help Zurich’s customers
Analytical methodologies have long been used to assess claims, but the power of utilizing data analysis can help customers throughout a wide range of scenarios:
- Workers’ compensation claims: A worker injured on the job may require extensive rehabilitation and medical care before cleared to return to work. Predictive analytics can help determine if an injured worker could benefit from a nurse case manager closely monitoring the road to recovery. This could expedite a faster return to the job for the employee and the business might not face larger medical bills associated with a longer workers’ compensation claim.
- Property coverage: The analytics model can also be used to identify facilities at risk of flood and water intrusion. Zurich utilizes this information to assist customers in managing flood risks. Preventing business interruption and reducing risks of equipment damage could be as simple as having a healthcare facility move their costly diagnostic equipment out of the basement. With the use of Zurich’s predictive analytics, preventing the flood risk could help to make the difference of whether a business reopens after a storm, such as the flooding that Hurricane Florence has recently caused. FEMA notes that approximately 40 to 60 percent of small businesses never reopen after a disaster.
- Reducing fraud and waste: Unnecessary procedures and fraud can drive up costs for businesses, with the FBI estimating that healthcare fraud can cost in the neighborhood of tens of billions of dollars in the U.S. every year. Zurich’s analytics can be used to detect patterns of potentially mistaken, fraudulent, wasteful and/or abusive medical billing activity.
With a focus on technology and innovation, Zurich’s Predictive Analytics team works to help customers make choices today that can help protect them in the future.