Leading USA based Life & Disability insurance company
- Most of the short-term disability claims are getting converted to long term disability claims which leads to inappropriate reserving
- No system to predict the short-term disability claims getting converted to long term disability claims in advance
Analytics Led Approach
Given are high level process steps which were followed
- Data Pre-processing
- Logistic Regression Model creation
- New short-term disability claim
- Output is going to be wither of the following:
- Less likely to get converted to LTD claim
- Likely to get converted to LTD claim
- A predictive analytical model using Logistic Regression algorithm to identify short term disability claims having high propensity for conversion to long term disability claim was designed
- Utility mechanism to score the incoming short-term disability claims against the STD – to – LTD Conversion predictive model was created
Critical Success Factors
Helps to manage and determine claims reserving more efficiently
Identify fraudulent claims earlier in the life cycle of claims
Helps to predict the possible duration of a claim and total expected loss and adjustment expenses associated with it
Recommend for better nursing care in advance to improve customer centricity and profitability
Helps to determine the leave period in advance
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