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Data greatly reduces the severity of claims payments, and carriers that incorporate third-party data and analytics into the claims lifecycle reduce bodily injury and property damage settlements, according to a recent study by LexisNexis.

LexisNexis analyzed more than 10 million features from A.M. Best’s top 20 carriers and details the results in its “More Data, Earlier: The Value of Incorporating Data and Analytics in Claims Handling” white paper.

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