Insurers rely on service providers to deliver quality services at a reasonable cost. If claims become too expensive, both policyholders and shareholders will bear the brunt.Learn more
Insurers have long suspected that some providers overcharge or exaggerate the cost of services. This might include a claimant who is injured and treated for minor injuries, but the GP or allied health professionals bill the insurance company at a higher rate. Another example is a smash repairer over-quoting and doing larger, unnecessary repairs.
The insurance industry currently lacks the necessary information to identify systemic issues with costly providers. To do so means insurers would have to share confidential data with each other. But competitive pressures and the risk of data breach of the personal details of policyholders prevent this option.
We have partnered with IXUP to facilitate secure data collaboration so that insurers can combine data without breaching privacy or jeopardising competitive intelligence. By combining their data, insurers can develop a more complete picture of how certain providers operate. Using the IXUP platform, we gain visibility into the cost of claims by service provider, enabling it to pinpoint expensive service providers in similar locations.
Large datasets drawn from multiple insurers means we can rate providers on their value-for-money, as well as the quality and timeliness of services delivered. We can also create industry benchmarks to guide insurers on selecting providers who fall within desired pricing and service-level parameters.
For insurance companies, it means significantly enhancing their ability to choose the best value-for-money providers. The industry will be better equipped to identify price anomalies. Policyholders will benefit from no longer having to pay for inflated provider pricing.
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