President & CEO of large Anti Fraud Committee
For over 30 years I have participated professionally in the insurance and investigative processes advising some of the largest and most well-known firms in the world on how to deliver actionable results. With the onslaught of social media pervading almost every aspect of life, a virtual treasure trove of data has become available to leverage that did not exist 10-15 short years ago. One ignores this data at their own risk as we see daily examples of how criminals and fraudsters get tripped up as a result of social media posts.
However, examples like this are just the tip of the iceberg. Over the last two years I have consulted with several of the world’s largest carriers and TPA’s to assist their business process units and predictive analytics teams develop customized scoring strategies for first notice of loss to drive social media requests directly to Social Discovery based on business rules and scoring. The completed social media reports are then delivered directly to the individual claims analyst.
By leveraging the summary reports we deliver, the analyst can quickly take a snapshot of the customer and the situation. The results from these deployments have produced outstanding results. It comes as no surprise that referrals to SIU increased by 35% which as a stand-alone is reason enough to deploy the strategy. What was also garnered was that claims process efficiencies by the company increased by 10% or more versus control groups. This led to vastly reducing loss reeserves for the company which is a substantial increase to the bottom line.
Finally, customer service quality scores for claims analysts with customers showed real measurable improvements. Some of our clients are now just beginning to study data points garnered for this data collection and data process that will eventually lead to better actuarial and risk decisions in the future.
I can honestly communicate that since I entered the profession, I have not worked with any process that delivers so much. The SDC platform has indeed developed to the point that each and every account is customized on the existing platform to deliver results by customer and business lines. Customization is also a key focus in developing teams that focus on your account and its unique needs.
Social Discovery is a unique solution that is committed to human intelligence on each and every report to deliver qualified intelligence. We know from experience that big data tools and their approach does not work – the same process and approach used to gather structured data simply are not applicable to social media. They miss more information than they gather and consistently deliver a tremendous amount of false positives. What professional or organization has time for that? Recently a colleague of mine at a major carrier said to me: “Why would I pay for these big data reports even if they are much cheaper? I do not like paying for nothing!”
Social Discovery never delivers false positives. By leveraging both software and human intel we deliver results every time. Frankly, after my over two-year association with SDC, I can tell you that our approach is the only valid way to do social media reports saving every analyst 5-6 hours of detailed research per file. It is basically the same way an organization should do them internally if they are doing them properly. The difference being that we are built to scale and have been approved as a secure platform by all of our industry customers.
Social Discovery Corp is the leading provider of social media reporting and data analysis – helping clients improve the customer experience, mitigate risk, and combat fraud.
“Social media reporting is the single most valuable tool in our Intelligence gathering efforts, leading to speedy settlements for the genuine customer and early detection of fraudulent activities. The process with Social Discovery has also created significant process efficiencies for us and provided our company with a consistent and professional policy/approach to ethically using social media”
– Claims Director (Top 3, UK Insurer)