Insurers always are looking for a better way to make important underwriting, claims, and fraud-prevention decisions, and it usually involves data. Although insurers do have a great amount of data sitting right in front of them, it's often in an unstructured form. Those carriers that find a way to give it some structure also find rewards for their effort throughout the enterprise.
Unstructured data is both a blessing and a curse for insurance carriers, suggests Jeff Goldberg, senior analyst with Celent.
On the positive side, he notes, insurers can gather data from new sources. Specifically, "with electronic submission processes and e-mail, there is a lot of relevant communication that once was done via paper or phone but now is being done online and is easier to store," he says.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
