Know Your Opponent: How is BROADSPIRE using data analysis to identify exaggerated claims
The company's representatives explained:
"Our objectives are to deliver a proactive global claims handling service which provides protection of your brand and reputation, whilst allowing for your corporate philosophy and best practice to be applied throughout the claims management process. We implement a consistent approach on claims across all territories in your programme."
In its daily activity, BROADSPIRE focuses on a "Know your Opponent" strategy, using large data sets and analytics to identify the behaviours of the organisations within the industry to identify patterns and trends relating to exaggerated claims. Moreover, the company also employs targeted anti Fraud processes and procedures, designed to identify fraudulent claims early and take a robust approach to the investigation and repudiation of such claims.
BROADSPIRE benefits from the wide experience and financial stability of its parent company, Crawford & Company - one of the world's largest publicly listed independent provider of claims management solutions, with an expansive global network serving clients in more than 70 countries - and it distinguishes itself through a series of key differentiators, including:
- The ability and willingness to customize its clients' programs - to think "outside the box"; BROADSPIRE has the ability to provide various claim models for both workers' compensation and liability programs - centralized, regionalized, hub or de-centralized claim models can all be implemented with success.
- Vital Stats - more than data mining or predictive modeling. Vital Stats gathers important information on every file by utilizing a database of questions supported by evidence-based medicine. Once a claim professional has interviewed the employee and obtained all relevant information, potential issues are identified with recommendations, using evidence-based research. Claim professionals use these recommendations to create the strategic plan of action (SPOA) that focuses on critical components: issues, overall goal, plan, timeline, supporting actions, and reserve rationale. These vital steps occur at the onset of the claim to help reduce claim duration and increase long-term savings.
- Predictive applications which enhance Broadspire's claim management. By anticipating possible unfavorable developments in the course of a claim, the company can apply various resources such as clinical management, peer reviews, and other tools to maintain a successful return-to-work outcome.
- Powerful inventory management protocols which reduce claims' duration.
- A dedicated Implementation Manager and transition team to help ensure a successful, efficient and timely program implementation and transition.
BROADSPIRE leads operations throughout Canada, the UK, Australia, and Europe - including Romania.
The company's representatives will participate at FIAR 2019, on 21 May, at the Broker's Conference, which BROADSPIRE supports as Partner. Find out more about the event here.