Data & Actuarial Systems

Onicol's Data and Actuarial Systems are an extension of the massive data sets that are collected through Claims Management, Risk Management and Retrospective Client Analyses. Onicol's Data and Actuarial Systems combine this information with additional proprietary and public data sets to provide our Clients with accurate and detailed information. The systems were developed to complement our Claims and Risk Management services and allow our experts to test various strategies and algorithms about performance and risk. Because Onicol collects and analyzes intricate sub-sets of data, Clients are able to stratify risk by physician, hospital or specialty, as well as, are able to detect risk patterns as they pertain to specific procedures, medications, patient demographics or medical devices. This information in turn enables Onicol and it clients to better price premiums and adjust for risk factors that are typically not considered.

Clients can perform analyzes from a range of scenarios specific to a subset of data, and then generate both a detailed description of forecast results and a concise summary. These simulations help Clients better understand the possible outcomes of a variety of risk strategies and premium pricing scenarios, balancing the desire to reduce costs with the need to limit risk.

Retrospective Client Analyses

Onicol will collect, enter and process previously filed claims and outcomes or import existing claims data into the Onicol Data and Actuarial System. This provides Clients with years of previously undetected information that can be used for retrospective analyzes, as well as establish a baseline for a specific insurer. This enables Clients to quickly ascertain a primary data set that insurers may use for better analyses, risk adjustments, forecasting and pricing.