Internal claims data, underwriting data, third party data, and the Internet of Things (IoT) all lead the way to the Big Data Highway. Done correctly, they can unlock many doors allowing you to view your data in more meaningful ways.
However, navigating this highway can be tricky and maddening if your data is not refined and focused for your claims and underwriting process. This process is known as data enrichment.
Data enrichment:
- Is the process of refining raw data to make it relevant
- Cleans up and sharpens existing data in your business process. An advanced analytics platform can provide the means to accomplish this task, which will yield better results in your analysis process.
- Adds value to the data whether it’s used for analysis, insights or innovation
- Brings relevance and context to the current data, making it purposeful and meaningful to the growth of a business
- Requires the use of modern, next generation technologies that utilize speed, relevance, and accuracy to collect, correlate, and utilize
The proper technology platform for an insurance carrier (specifically, advanced analytics) must also include: the Right Data, at the Right Time, to the Right Person, for the Right Decision for a successful and robust data platform.
How Data Enrichment Can Improve Your Business Process
Oftentimes, incomplete or inaccurate information rests in your claims process. Raw data needs to be refined and sharpened for your 360-degree centric view of what’s happening in the claim, or a series of claims across underwriting, premium rates, and newer products.
Data connections have to be built!
These enrichment process enhancements must be done quickly!
Your goal is to recognize that these connections are critical and dynamic for your business process, and are created based on what answers you seek in analyzing your data.
