Claims will change with big data analytics
The insurance world is evolving. According to Property Casualty 360, current business intelligence and analytics systems are limited in their capabilities and are holding companies back. The answer, according to the source, is the immediate adoption of advanced systems that can turn unstructured data into intelligence to make the claims process more efficient.
The news source stated that the the end goal of adding new technology to the claims process is a move toward a customer-centric approach. Under such a system, services are tailored to clients, giving both the insurer and the insured the best deal possible. The systems could also be used to monitor operations and make sure companies comply with ever-tightening industry regulations.
The source also found that many insurers' IT systems are badly out of date. Legacy systems that do not work well with one another are ripe for replacement, meaning that now is an appropriate time to institute sweeping IT change in the insurance industry.
Big data could also do for insurance what it has done for the Medicaid system in the public sector – act as a fraud detection system. EWeek recently reported that the state of North Carolina has adopted a big data-driven predictive analytics engine to highlight potentially fraudulent claims.