Data analysis software (e.g., ACL) allows us to review 100% of your data. This means we can provide you with lists of specific policies and claims that need to be reviewed and quantify the effect of detected errors.
Increased Revenue 
Most people don’t adjust their life insurance policy when their life situation changes. For example, if someone has held a policy for 10 years, and they are only 35 years old, they may have had children and increased income since they took out the policy. We can provide a list of policy holders to contact to see if they are interested in increasing the amount of their policies.
Decreased Costs
Interest paid for delayed claim payments is a required cost. However, quantifying the amount of interest paid and determining the cause – whether it was a delay on the company’s part or due to the beneficiary reporting the claim – can provide you with the necessary information to decrease your interest costs, where possible.
Data Integrity
The integrity of the data in your system can cause problems that affect your company’s bottom line. For example, correct and complete data for policy holders, face amounts, and effective dates are necessary for proper claim payment. We can help you ensure that key controls are operating effectively, such as verifying that the policy is terminated once a claim has been paid.
Deliverables
We can provide the detailed information necessary to correct your data along with suggestions for how to improve your controls to help you prevent or detect these issues in the future. We can also help you develop continuous monitoring procedures to search for these items on a regular basis.
If you're interested in these or other ways we can analyze your data and improve your business, please contact us. At Brown Smith Wallace, we Make a Measurable Difference.
What else should I consider?
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