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The market-leading predictive analytics platform for insurance optimizes claims performance, identifies at-risk claims, and reduces claims cost.
Nodal™ is a web-based predictive modeling and decision-support system used for early claim intervention. It analyzes a wide range of claims data to predict claims that are likely to incur high costs so insurers and self-insurers can optimize management and reduce costs.
Predict future claim outcomes daily as new claims are reported using Nodal’s unstructured and structured data.
Reduce claim costs three to 10 percent by automating low-risk claims and identifying higher-risk and higher cost claims shortly after report.
Leverage unstructured data to predict and plan for volatile and high-cost claims by extracting information from adjuster notes shortly after the claim is reported.
Dynamic data visualization helps quickly identify insurance claims trends and transfer problematic claims early. This enables you to maximize the value of cost containment strategies and of senior staff.
Subject-matter experience with claims operations and actuarial science is designed into our end-to-end solution, providing accurate results based on decades of industry expertise. This comprehensive approach helps ensure success and maximize your ROI.
Budget and reserve with greater confidence thanks to predictive capabilities that enable volatility management.
No outside service providers have a stake in the outputs, ensuring the objectivity you need to make effective decisions.
We provide actionable output and track KPIs post implementation, showing you exactly which claims to focus on in a format that is intuitive enough for anyone to use.
Performance reports enable you to analyze the effectiveness of the analyses and improve over time.
Quickly gain the power of predictive analytics with a solution that is simple to implement and manage.
Nodal is a predictive modeling and decision-support solution used for early claim resolution. It analyzes a wide range of claims data to predict claims that are high-risk to improve claim performance and reduce costs.
Nodal is for insurers, self-insureds, and third party administrators (TPAs) who would like to use predictive analytics to identify at-risk claims, which are likely to incur high costs.
Nodal utilizes artificial intelligence (AI) and machine learning (ML) to proactively identify low and high cost claims shortly after the claim is reported. Nodal will triage low cost claims so they can be automatically closed or paid with limited adjuster action.
Unstructured data is information that has not been organized and arranged according to a pre-set data model. Nodal utilizes text mining and AI to extract under-utilized data from the adjuster notes and claims descriptions.
No. We tailor our solution to your needs. Our team constructs models utilizing a client’s own detailed claim, medical, and text data while leveraging Nodal’s database as support.
Our clients are seeing savings between three to 10 percent in claims costs.
We work with commercial lines such as workers’ compensation, auto liability, and general liability.
Artificial Intelligence (AI) refers to the ability of a computer to mimic human intelligence and precision. AI has the ability to reason, discover meaning, or learn from past experience (predictive qualities).
It examines large databases to generate new information. Data mining turns raw, unstructured data into useful information by looking for patterns and anomalies.
With claims automation and claims triage, we send high-risk claims to senior adjusters for intervention and cost containment. We identify low risk claims for straight-through processing if possible.
Nodal provides reports on insurance claim trends, automated daily emails for claims triggering specific thresholds, and an interactive dashboard of results that is refreshed daily.
After integrating your data into our predictive models, we provide a high-level summary output for your review noting insurance claim trends. Also, each quarter, we provide a report that summarizes claims scored to-date with specific focus on model accuracy and ROI.
We include on-site training time with our insurance claims consultants to develop a strategy to address claims identified by Nodal.
Nodal is a fully managed software-as-a-service solution—no need for your IT staff to install or manage software. We assemble data from unstructured sources, build predictive models using cutting-edge machine learning techniques, and implement with experienced claims consultants to ensure successful implementation and maximize ROI.
Our team of claims consultants, actuaries, and data scientists continue to support you after implementation. We will continue to monitor model results, track ROI, and act as a resource for any additional needs.
Call or email Trever Mertz at 262-796-3347 or Trever.Mertz@milliman.com.
Lower loss and loss adjustment expense costs, get litigation support, and improve claims operations.
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Uniquely independent, Milliman provides reserve analyses and practical advice to the entire range of insurance entities. With more than seven decades of experience, we bring an unparalleled depth of technical knowledge, which allows us to communicate our work with exceptional clarity.
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Multiple body part claims can be translated into specific combinations of body parts by extracting data from unstructured data using text mining algorithms.
Milliman wins three InsuranceERM Americas Awards for its insurtech products and risk consulting services
See how you can use AI to predict claim outcomes based on underutilized data.
See how Nodal helps IRMA reduce costs and improve claim management.
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