August 28, 2018
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.
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