Advanced analytics is a game changer and the biggest risk to insurers is doing nothing with the data they collect. That’s according to Kimberly Holmes, managing director of XL Catlin Group and XL Catlin Leadership Council, who explained the value …
Big data is a topic about which much has been written, although rarely is it explained in specific terms what it means for insurance professionals. Should claims adjusters and investigators be learning complex algorithms and software programming? Or does all …
Fraudsters are more often caught by tip-offs and complaints, management review, accidentally, suspicious superiors and internal audits than by use of technology and data analytics. According to consulting firm KPMG, North companies are not capitalizing on the use of data …
Amazon isn’t the only company that is using data on employees to improve productivity. A New York Times article over the weekend portrayed Amazon’s work culture as “bruising” and “Darwinian” in part because of the way it uses data 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 …
Insurers are inundated with varying estimates of the magnitude of fraud perpetrated against the industry, and are aware at a high level of the likely scale of effects on their businesses and therefore the bottom line. Such estimates can be …
Series Summary Insurance executives should be asking a lot of questions right now. They should wonder why their outside law firms haven’t adopted available technology that could eliminate expenses for routine legal work. They should ask their law firms why, …
CoreLogic, a global property information, analytics and data-enabled services provider, announced the launch of the CoreLogic Flash Flood Risk Score, a new data analytics tool designed to inform insurers of the overall projection of flash flood risk beyond established Federal …
Insurers’ risk management practices are becoming increasingly reliant on data and analytics, according to a new report from State Street that surveyed more than 400 insurance executives about their capabilities in this area. Only 13 percent of insurers surveyed considered …
In the workers compensation space, not only have claim costs increased because of medical issues, but the landscape has also become much more complex. Along with the elevated incidence of fraud, economic fears, and a growing dependency on prescription drugs, …