Virtual Session Details Unstructured Data Dilemma

Predictive analytics has become a driving force in the use of data by insurance carriers, but many issues remain, including the problem of sorting through unstructured data to improve decision-making.

Participants in the virtual conference "Facing the Future of Insurance," sponsored by Tech Decisions and its sister publications Claims and National Underwriter P/C, were treated to a discussion of the issue by Kaleb Adams, assistant vice president, claims research, for The Hartford, and Karen Pauli, research director in the insurance practice at TowerGroup.

Those who missed the initial presentation still have an opportunity to hear Adams and Pauli by going to the conference Web site and registering at this Web page: http://vts.inxpo.com/scripts/InXpo.nxp?LASCmd=AI:4;F:QS!10100&ShowKey=1278

Adams explained traditional data alone does not paint a full picture, particularly in the investigation of fraud. Among the evidence that will help a carrier settle a claim are: evidence uncovered by the claims handler's investigation; witness statements and employer reports; and medical reports from doctors.

Pauli pointed out the need for an enterprise data strategy that goes beyond traditional structured data (data warehouses, data marts) and hybrid data (comment field, form fields) to include unstructured data such as PDF documents, e-mail notes, Internet messages, voice-mail messages, and digital photos.

In addition to this session on predictive analytics, there is another technology session available in the virtual conference on "Speed and Ease: Underwriting at Its Best." Speakers in that session include Robert Asensio, senior vice president and CIO at Darwin Professional Underwriters, and Donald Light, senior analyst in the insurance practice at Celent.