The strength of Squirro as a company is dependent on a great many things: a laser focus on our customers and their requirements; strong leadership; the best employees; a deep understanding of how organizations should make the best use of AI – the list is a long one.
But at the heart of everything we do, lies a powerful technology. Without that, none of the attributes above would matter a great deal. That’s why we always have (and always will) put effort and resources into delivering to our customers the very best solutions for their industry and to address the various challenges that they face within it.
For our technology to be recognized always feels important to Squirro as a company. We believe that it signifies that we are on the right path and delivering in a way that makes our customers happy. So we are all feeling proud right now, with the recent news that Squirro has been listed in a new report by analyst firm Forrester – ‘The Forrester Tech Tide™: Digital Claims Management, Q4 2019’.
‘The Forrester Tech Tide™: Digital Claims Management, Q4 2019’
Squirro has a track record in being recognized by Forrester, with our technology cited in previous Forrester reports and our Cognitive Search solution named as a ‘Strong Performer’ in The Forrester Wave™: Cognitive Search, Q2 2019.
This latest Forrester report is slightly different though. ‘The Forrester Tech Tide™: Digital Claims Management, Q4 2019’ by Oliwia Berdak lists Squirro as a sample claims analytics vendor, which is especially encouraging to us, given our heritage and track record in working with insurance companies.
Claims management is a hugely important element of modern insurance. It allows insurers to protect their customers during the times when they most need protection, but also protects the insurers own financials. The past decade or so has seen a host of different technologies emerge to help and improve elements of claims management, particularly making the transition to digital claims. This new Forrester report presents an analysis of the maturity and business value of the 16 technology categories that support claims management.
The Importance of Addressing Claims Management
Claims have traditionally been one of the principal costs facing any insurer and it has been said that claims already account for more than half insurers’ total outcomings. This means that insurance companies all over the world are constantly looking for ways in which to reduce these costs, to relieve pressure on their own bottom line and to maintain profitability.
There is also the issue of claims and how they affect the customer experience in insurance. Insurance is not a sector that traditionally enjoys the greatest of reputations when it comes to customer service and the overall customer experience. A bad claims experience would surely make a significant contribution in causing a customer to look elsewhere, so if an insurer gets the claims experience right, then it will go a long way to improving customer loyalty and reducing churn.
Insurers have become more and more aware of this and are increasingly receptive to using different technologies to try and address elements within claims management. One of the principal elements – as identified in the recent Forrester report – is that of claims analytics.
Squirro and Claims Analytics
Claims analytics involves the use of analytics and machine learning to identify unexpected claims and predict their severity. It’s very important, as it allows insurers to have a much greater understanding of the factors that contribute to losses, and how to minimize them. The right solution also allows insurance professionals to extract meaningful and actionable insight from the massive volumes of data they hold.
Not only does this mean faster and more efficient claims processing, but that in turn means a vastly improved customer experience, something very highly valued within insurance. It’s in the claims analytics domain that Squirro was listed as a sample vendor in ‘The Forrester Tech Tide™: Digital Claims Management, Q4 2019’.
We feel that our augmented intelligence solution – the strength and computing power of AI, combined with the imagination and intelligence of humans – is a technology particularly suited to this type of task. It works with unstructured as well as structured data, meaning that insurers can work with the data that is most insightful, and the insight is presented back to the user in a simple and customizable dashboard.
Squirro for Insurance
One of Squirro’s first-ever clients was an insurer and to this day, we still work with a number of the world’s best–known insurers, including Helvetia, Axis RE, and Swiss Re. This is in no small part to our understanding of the issues and challenges facing insurers, particularly in their use of data.
For many reasons, most insurers have been relatively slow to adopt more progressive and transformative new technologies that will help their business (and the industry overall) to stay relevant and in keeping with modern customer requirements. This is changing though, and insurers have grown far more receptive to the use of such technologies and they understand that extracting insight from their data can help the business in any number of ways.
There is still work to be done of course, especially in the change management strategies that need to be deployed to help ensure insurers are on board with adopting modern technologies. This is partly why Squirro offers a range of applications as part of our Squirro for Insurance suite.
Each app is tailored to a certain branch of insurance – Commercial Insurance, Reinsurance, and Commercial Underwriting – and addresses some of the specific challenges faced. Deploying our technology in this way makes it much easier to demonstrate success and tangible benefits to anyone within the company that is more doubtful about AI and helps build momentum and appetite for other digital projects within the organization.
Using Squirro for claims analytics can do that too and it is an honor for our technology to be listed in this report by Forrester. For further details of how our solutions can help insurers can more insight from their data and achieve their business objectives, please get in touch with us here.
Or to access ‘The Forrester Tech Tide™: Digital Claims Management, Q4 2019’, please click here (access requires subscription or purchase).