A new report from Aite Group examines property & casualty insurance carriers' use of predictive analytics in the claims process and finds analytics can significantly improve the claims process and overall business results.
Based on July and August 2011 interviews with 25 senior-level stakeholders from North American p&c insurance carriers and associated service providers, the report provides an overview and history of analytics and predictive analytics as they apply to P&C insurance claims.
The report examines the specific benefits of predictive analytics for P&C insurance, describes the industry's emerging use of social networking information in claims, and profiles established and emerging insurance technology vendors and their respective predictive analytics tools, solutions, and services. P&C insurance claims represent more than 80 percent of insurers' costs today, according to Aite.
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