This is PART 4 of a four-part series.
Insurance companies for the most part have been sitting on mountains of unexplored data. They don’t know it exists, they don’t understand its value and because of this are missing out on insights right before their very eyes. This area in data management is also like a blind spot, throwing up only a partial picture of claims management, making insurance companies vulnerable and resulting in increased payouts, longer claims lifecycle, and delayed attorney intervention.
Data today has unlimited possibilities in solving many gaps and challenges. Almost 90% of such unstructured data across industries is being currently studied to understand what all can be derived from it. This revolution is happening at an unprecedented scale.
Given the impact of this, it is critical to understand some of the technology unraveling unstructured data, and its implications at a deeper level on the insurance business.
When it comes to the insurance industry, the major impact of big data is being seen in the claims departments. From text mining to semantics, data analytics is reshaping the entire claims process and especially claims triaging, process efficiency, attorney intervention, and fraud detection.
Unfortunately reading and understanding this unstructured data is only in the purview of a few technology-enabled businesses who can read, understand, map patterns and analyze them. When it comes to claims; police notes, claimants’ statements, witness accounts and adjuster notes need to be processed and cleaned out before any insights are derived from them, a process needing tailored technology engines while the data is put to actionable use.