Insurance claims professionals are pioneers in the use of predictive data analytics. Well before the term “Big Data” was coined, claims examiners were digging into the data within filed claims to unearth kernels of wisdom. These insights illuminated ways to …
Property/casualty insurers are facing an erosion of barriers to entry in their markets, as risk data becomes more widely available, and as new capital sources disrupt traditional insurers, according to a new study by Conning. “The value proposition of the …
The story of big data — the oceans of data that modern technology generates — in some ways presents a modern cliffhanger. Now that we have access to all of that data, what will we do with it? Actuaries heard …
As body cameras become more prevalent in police forces and sheriff’s offices, the extra evidence is disrupting workflow an Oregon court system. The Albany Democrat-Herald reports that Sweet Home and Lebanon Police officers use body cameras and the added footage …
Information systems researchers at the University of Arkansas, who studied the effect of two compensation strategies used by Target in reaction to a large-scale data breach that affected more than 70 million customers, have found that overcompensation of affected customers …
The ability to report claims via mobile devices and streamlining the payment process are among the advances in technology that have helped reduce the cycle time for auto damage claims, according to industry experts. In addition, technology has helped with …
The claims management workflow is continuously being improved to increase employee and customer satisfaction, reduce labor/time intensive tasks and claim costs. Driving technology into the center of these process improvements has shown to have a major impact on streamlining the …
Insurance companies are increasingly turning to “big data” from satellites, social media and even cigarette sales at gas stations to help identify risks and build up customer profiles. Insurers and reinsurers hope that real time analysis of data about personal …
A recently released LexisNexis Risk Solutions’ study found that carriers that incorporate real time data analytics into the claims process at first notice of loss can more accurately and consistently triage claims, identify potentially fraudulent files and capitalize on subrogation …
Workers’ comp insurers need to invest in new talent and improve the use of technology in managing vendor relationships and best practices, according to Rising Medical’s 2013 workers’ comp benchmarking study. Denise Algire, principal researcher and author, said the survey …