MFX-Analytics platform – predictive analytics and reporting solutions for P&C Insurance applications
Enable insurers to utilize data about claims, policies, customers, and third party data sources so they can improve underwriting decisions, detect fraud, identify opportunities for subrogation, update reserve estimates, assign the right service level to claims, and segment customers across all product lines (e.g., auto, worker’s compensation, home, commercial property, disability, and any other specialized product lines).
MFX-Analytics platform is one concentrated source for multiple functions. Features and Benefits include
Cutting-edge Predictive Analytics:
MFX provides a wide variety of basic to sophisticated algorithms to build models which provide the most lift and highest accuracy for fraud detection, prediction of expected outcomes and more.
Innovative Data Pre-processing Tools:
MFX provides a very comprehensive list of data management and data visualization tools.
Integrated Work flow:
MFX platform provides a streamlined workflow for powerful, rules-based, predictive analytics where business rules and industry regulations are used in conjunction with advanced analytics to build the best models
Real-time Predictions and Integration with Claims Management Systems:
The MFX Solution is optimized for performing real-time predictions for supporting instant underwriting decisions or evaluating a claim as new information is made available.
Aggregated summary reports and configurable dashboards provide valuable information both to management and for tracking key performance indicators related to each functional area.
In addition to predictions and recommendations, the MFX solution provides information about the reasons for the decision both for the awareness of key personnel and regulatory reasons, when applicable.
Integration with Data Sources:
The MFX solution simplifies access to data from your company’s customer database, policy database, claims database, and third party data sources.
Integration with Policy Rules:
MFX includes very flexible tools for integrating segmentation rules, policy rules, or overrides into the model-based scoring process.
Prioritizing Fraud Investigation:
With advanced fraud detection techniques in MFX solution, claims can be rank ordered by their likelihood of fraud, helping to prioritize claims to be investigated.
Ad Hoc Analytics and Text Mining:
Apply advanced automatic text mining methods to classify and cluster insurance claim reports then use ad hoc drill-down methods to detect emerging trends. MFX Text Miner offers a large selection of retrieval, pre processing, and analytic/interpretive procedures for unstructured text data and Web pages. MFX has developed a forward-looking Analytics Implementation methodology that is used to guide Insurance Analytics projects from concept through to completion and beyond. The MFX-Analytics methodology combined with our Analytics Tool set, has five distinct but overlapping project stages with agreed-upon goals and defined deliverables at each stage. It transforms your goals into measurable and achievable milestones, while leaving room for future development.
MFX-ANALYTICS 5 STAGE APPROACH – EXPLORATION, ELABORATION, CONSTRUCTION, IMPLEMENTATION, EVOLUTION
Business requirements are not static and strategies and technology evolve. Also, as user familiarity increases, more complex and pointed questions are asked about a system. For these reasons, the MFX-Analytics methodology plans from the start to measure performance, revisit requirements, and refresh all project components.
MFX’s Business Analytics consultants can help clients determine the best approach to managing their data, setting up the system and fine-tuning it as conditions change. Our specialists advise on key performance indicators and strategies for building and supporting reports, analysis and dashboards.