Case Study: a major insurance company reduces claim settlement time with Mu Sigma

Evolving from a vendor to an analytics advisor for an insurance major

Mu Sigma was engaged by the Claim Technology Services group of a major insurance company that was facing difficulties with the accuracy of its claims classification. This inaccuracy was leading to a longer claim settlement cycle, financial losses, and customer dissatisfaction.

Using its muPDNA software, Mu Sigma developed a new machine learning algorithm that could automatically learn from past data and improve over time. This solution reduced the average duration of the entire claim settlement process by 34 percent and resulted in anticipated savings of $15 million in a quarter. The success led Mu Sigma to become a trusted analytics advisor for other subgroups within the client's organization.