Insurance carriers are increasing their reliance on metrics as they manage their business and are not relying strictly on their own numbers, according to Jeffrey Rieder, president of the Ward Group, which conducts benchmarking studies for the insurance industry.
"Some areas where we see particular attention growing are in their use around predictive analytics, specifically within the claims organization," says Rieder. "Companies are using those metrics to integrate into their expert underwriting systems. A lot of the growth around claims has to do with managing the business better and how the business is changing, particularly with the downturn of the economy."
(Rieder and Tech Decisions editor in chief Bob Hyle discuss the use of metrics in a podcast on the Tech Decisions Web site. Click here to listen to their conversation.)
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