The Future of Claims and Insurance Analytics
Sophisticated artificial intelligence (A.I.) and big data look set to underpin future insurance and claims solutions such as when and how to proactively manage the customer claims experience or how to enhance retention of the most profitable customers, for example. Risk carriers who are able to effectively utilize big data and advanced A.I., along the lines of IBM’s Watson technology, could develop substantial competitive advantages.
The need for advanced analytics solutions has been driven by globalised competition, data overload, more stringent risk and compliance requirements, new regulations and changing consumer behaviours. In such an environment these are testing times for insurers.
Many London market carriers are therefore turning to analytics to gain insight and enhance performance. Weaving analytics into the organisational fabric can position Managing Agents for strategic, competitive and cost advantages.
Insurance companies collect and retain a large amount of data on their customers. For example, their processes fold in items such as telephone recordings, customer feedback, market prices and even socio economic information.
These days, significant quantities of public data – from census information to social media data – and third party data – from lifestyle information to shopping data – are now available and accessible. Overlaying these added inputs to enhance internal company data could potentially allow London market operators to gain deeper insights into their customers’ behaviour and preferences.
Major carriers such as Allianz have pioneered approaches that pinpoint the cause of accidents and assist with the assessment of claims data. Is it possible to visualise similar approaches by the “big ticket” London market players? Certainly.
DOCOsoft sees new opportunities for enhanced data analytics solutions that can be provided by Write Back, for example. At the moment, we have barely scratched the surface of what new information can be analysed but we will have a more detailed view and complete picture thanks to the “fat CWTs” with all the data analytics opportunities that entails.
To find out how DOCOsoft can apply claims analytics techniques to help your business manage claims more effectively, contact graham.sheppard@docosoft.com.