In today's challenging global economy, insurers face thedifficult task of controlling costs and allocating resources andcapital effectively, all in the face of intense, risingcompetition. Generating additional business lift more efficientlyis a high priority, and insurers are increasingly relying on newdata sources and advanced analytics to do so.

Text mining is one such capability that property and casualty(P&C) insurers are increasingly using to uncover criticalinsights from unstructured data sources. Using text mining,carriers are able to identify high-impact opportunitiesselectively, control losses and costs, allocate resources, andoptimize financial outcomes. In the back office, text mining allowsthem to gain a better understanding of their claims operations,minimize missed financial opportunities, optimize workflow, detectpotentially fraudulent claims, and derive actionable insights fromcustomer feedback, among many other benefits.

Enhancing Claims Effectiveness
At the center of the claims-handling process, adjusters have anunenviably difficult task. They must not only accurately evaluatelosses and negotiate fair and equitable settlements but also assessclaims for a number of additional routing opportunities, such assubrogation, fraud, independent medical examinations (IME), andcase management. Claims adjusters' knowledge, expertise, andattention to detail are crucial because any missed opportunities orpoor decisions can significantly affect claims outcomes andbusiness results.