Introduction: Stop Reacting, Start Leading
Many insurance leaders still rely on static spreadsheets or delayed reports to manage their claims operations. In a high-stakes, cost-sensitive industry, that lag in visibility can mean the difference between profitability and loss.
Real-time claims analytics flips the script. Instead of reacting to past performance, carriers can make proactive, strategic decisions based on live data.
Why Claims Analytics Matters More Than Ever
See Issues Before They Escalate
Analytics helps you:
- Identify stalled claims
- Flag high-cost cases early
- Monitor compliance risks
This capability is especially crucial when managing complex cases or large claim volumes. Our earlier blog, “Insurance Claims Analytics: The Key to Capitalizing on Your Data”, dives deeper into how analytics delivers operational insights.
Make Data-Driven Decisions in Real Time
Imagine knowing which adjusters are overloaded, which claim types are trending up, and where your bottlenecks lie—instantly. Terra provides dynamic dashboards that are role-specific, meaning VPs of Claims, Risk Managers, and Executives get exactly the data they need.
Benchmark Against the Industry
Using Terra Claims Benchmark, insurers compare performance against over 5 million anonymized claims. You can identify:
- High-cost claim types
- Industry-specific trends
- Underperforming regions or adjusters
Read more in “Proven Success in Claims Management: Metrics That Matter”.
How Terra Analytics Powers Better Claims Decisions
✅ Customizable Dashboards
Design reports based on what matters to your organization: loss ratios, average claim duration, claims by class code, or jurisdictional outcomes. With Power BI integration, you get interactive visuals and export-ready data.
✅ Real-Time Performance Tracking
Monitor:
- Adjuster workload and performance
- Status of active claims
- Claim frequency and severity patterns
With this intel, managers can reallocate resources, rebalance case loads, and coach in real time.
✅ Advanced Forecasting
Predict which claims are likely to go into litigation, exceed budget, or fail compliance metrics. Terra’s predictive models help identify outliers before they become costly surprises.
Learn more about the intersection of analytics and AI in our post: “Streamline Your Claims Workflow: Integrating AI with Adjuster Expertise”.
Case Study: Turning Data Into Strategy
A regional carrier noticed increasing indemnity costs on construction-related claims. Using Terra Benchmark, they:
Compared loss ratios
against similar
carriers
Indemnity costs above average by
Reassigned claims
to senior adjusters
and added oversight
Result: Claim durations dropped by 22% and cost-per-claim fell 19% over the next quarter.
Terra Analytics vs. Manual Reporting
| MANUAL REPORTING | TERRA REAL-TIME ANALYTICS |
|
Update Frequency:
Monthly/quarterly
|
Update Frequency:
Instant/live
|
|
Data Accessibility:
Email/spreadsheet
|
Data Accessibility:
Browser-based dashboard
|
|
Benchmarking:
Not included
|
Benchmarking:
Built-in with 5M+ claims
|
|
Forecasting:
None
|
Forecasting:
Predictive analytics
|
|
Role Customization:
Generic
|
Role Customization:
Tailored by user role
|
More Than Just Insight—It’s a Competitive Advantage
In today’s environment, reacting slowly to claim trends isn’t just inefficient—it’s risky. With Terra’s analytics, insurers gain:
- Faster decision-making
- Reduced total cost of risk
- Improved adjuster performance
Combined with Terra’s automation tools, analytics doesn’t just tell you what to fix—it empowers you to fix it
Ready to Unlock Better Decisions With Better Data?
See how Terra Analytics’ real-time insights improve every claim.
