It is well known that the insurance industry has a significant amount of data at its disposal. It is also well known that, except for traditional actuarial analyses, the majority of the information available from this data remains untapped.
The proliferation of data warehouses now being populated by insurance carriers provides a perfect opportunity for the industry to begin using this information to improve processes and increase performance. By using advanced analytics and incorporating them into the claims process, insurance carriers can gain a competitive edge, increase productivity and significantly improve bottom-line results.
Over $10 billion annually is wasted by the insurance industry on overpayments of loss and loss adjustment expenses due to inadequate investigations of some claims, excessive evaluations of others, fraud, inefficient processes and other forms of leakage.
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