For those of us who have been in the claim business a decade or two, we have witnessed the introduction of technologies that have had a profound impact on managing claims. Every few years, a promising technology packaged in a practical claim application comes along, and rapidly becomes an industry-adopted “best practice.”
These new waves of technology not only alter how claims are managed, but permanently impact insurers' bottom-line results. Telephonic loss reporting, medical bill processing, and bodily injury evaluation tools are just a few of many examples.
We are now witnessing predictive analytic technologies becoming the latest breakthrough technology. Can insurance companies harness its power? Furthermore, what do claim executives need to know in order to fully benefit from its potential?
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