Health Analytics Service showcases our multidisciplinary approach to managing health insurance profitability. The service integrates data analytics, actuarial science and information technology in one solution to help insurance companies to gain insights into their health claims experience and put them into action.
Health Analytics Service include the following three components:
- ❯ Health claims experience analysis
- ❯ Health business intelligence
- ❯ Health pricing Software
Health Claims Experience Analysis
Health insurance products usually have complex benefit schedules and risk sharing arrangements such as deductibles and coinsurance. Our Health Analytics Service analyzes the underlying loss distribution of each individual type of benefit provided by a product. This information provides management and pricing actuaries a deep understanding of how each benefit affects the overall claims experience and how benefit schedule and risk sharing mechanisms can be designed to manage the product bottom lines.
Health Business Intelligence
The volume of information generated from health claims experience is large, and the information is technical in nature. Although such information is necessary for pricing actuaries to develop products and set premium rates, it can be too overwhelming for management to see the overall picture. The Health Business Intelligence component provides a web-based interface allowing the management to visualize the health claims experience from a high-level view in an interactive manner. Management can specify the summary of information from different angles by simple mouse clicks in web browser, and the software will present the results at real time.
Health Pricing Software
Health Analytics Service provides a web-based experience-driven pricing software allowing users to design benefit schedules by adding or removing benefits or adjusting benefit amounts, deductibles and coinsurance factors. Users can also set pricing assumptions such as commissions and expenses. The system calculates the premium rates according to the proposed benefit schedule and assumptions.
All of the work is done in a web browser. No additional software installation is needed.