The Council partnered with Travelers in a three-part series on data analytics for claims and risk management. In the first episode, Bill Rickelman and Kevin Mahoney discussed several current trends in data analytics across the risk control and claims space, including the increasing use of third party data, machine learning and artificial intelligence, and the leveraging of big data to enhance customer experience.
According to Rickelman, a challenge in industry data analytics moving forward is how to consume and process the volume of data available now in order to produce actionable insight—“What could happen?” “What should we do?”—in the claims/risk control arena. As such, data aggregators will perhaps play a more important role in the industry in the future, as they have experience in effective and efficient data delivery. In the end, “knowledge is power,” says Mahoney, and the knowledge gleaned from the ever-increasing amount of data to which insurance companies have access can lead to innovation in important areas such as risk servicing, account support, and claim support.
Steve DeCarlo’s Data Anomaly
He saw the value in big data long before the industry caught on.
New technologies are lengthening the tenure of older claims professionals, attracting younger ones and revitalizing a sagging field.
By sharing granular risk data in an open market, brokerages and carriers can eliminate costs and create a new insurance model.
Trust, It’s Verified
The Riskblock Alliance is bringing together industry competitors who are working together to build a blockchain-enabled insurance value chain.
Tech Goes Techno
Prosight uses DJ insurance as a gateway to a digital, gig-worker platform.
Technology is changing more quickly today than ever before. This change is fantastic, but can be overwhelming. Ryan and Steve from Indio share their secrets and strategies to finding and implementing the best technology available to agents today.