ITC DIA Europe

Swiss Re Impact+ L&H: Combining the power of data and technology for better risk insight

Written by Roger Peverelli and Reggy de Feniks - Founders The DIA Community on Jun 23, 2023

With billions of digital records collected by insurers every day, and more and more customers engaging with insurers online, the volume of data available to insurers is increasing exponentially.
Many insurers however, lack the resources, structure, talent and tools to put this data to work and turn it into actionable insights to grow their portfolio and profitability, and reduce risk.

Swiss Re Reinsurance Solutions offers a powerful suite of tools and services spanning the entire insurance value chain. From bespoke consulting to software solutions, as well as advanced data and insight capabilities, they help insurers across the globe stay efficient and competitive as the needs of their business, and the industry, change. 

Impact+ Life & Health is Swiss Re’s data and analytics solution for Life & Health insurers. It is an innovative and modular analytics platform powering up portfolio growth & profitability through plug and play utilities/products. It leverages state of the art technology and Swiss Re’s deep knowledge of risk to provide distinct value along the Life & Health value chain, supporting cross-functional decisions.

How it works

One of the Impact+ plug and play products is the Claims Risk Scoring Model (CRSM) which is part of the Medical Intelligence suite.  This suite of products has been developed to manage high volumes of claims, without exponentially growing the personnel involved, and to respond to the growing pressure on Health insurers to identify high-risk claims. CSRM helps to quickly identify these high-risk claims: claims with a high risk of Fraud, Waste and Abuse (this can range from 3-10% of total paid claim amounts), whilst committing to quick turnaround times for legitimate claims.

At the heart of CRSM are advanced analytic techniques, providing a multi-dimensional risk profile for every claim. Low risk claims may be dealt with easily, while flagging those of higher risk for further investigation.​
Unlike a traditional rule-based approach to claims management, which requires continuous rules maintenance, CRSM’s risk scoring approach marries cost and clinical aspects of a claim, enabling efficient and effective resource allocation, resulting in increased profitability and better customer experience.

The solution works stand-alone or complementary to rule-based systems, allowing health insurers to benefit from a stronger, faster and technologically enabled claims management processes.

Why we selected Swiss Re Reinsurance Solutions for ITC DIA Europe

With the amount of data available to insurers increasing significantly, turning this data into actionable insights is becoming more and more important for insurers. It can help them grow their portfolio and profitability, as well as reducing risk.

At ITC DIA Europe Swiss Re Reinsurance Solutions will showcase their Claims Risk Scoring Model, part of their Medical Intelligence product. This comprehensive risk assessment tool provides near real-time risk assessments of every claim, reducing operational expenditures by 30% and claims outlays by 2% to 6%.

About Swiss Re Reinsurance Solutions

The Swiss Re Group is one of the world’s leading providers of reinsurance, insurance and other forms of insurance-based risk transfer, working to make the world more resilient. Their aim is to enable society to thrive and progress, creating new opportunities and solutions for its clients.

Swiss Re Reinsurance Solutions helps insurers worldwide with a range of tools and services across the entire value chain, enabling them to become more efficient and competitive in a changing industry and world. Their solutions are built upon more than 160 years of insurance- and reinsurance expertise. They help their clients with a broad range of solutions, either pre-built or tailor-made, from consulting services to additional insight, data analytics, digital- or product capabilities.

“It is a very exciting time in the Life & Health insurance industry and with Impact+ L&H we have the ability to scale up technology in a way that will truly help our clients steer their portfolio, grow their business and better understand their customers’ behaviour”

Jennifer Green, Head of Data Services L&H, Swiss Re Reinsurance Solutions
Amsterdam 12-13 June


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