Several challenges unique to workers’ compensation claims highlight the benefits of a robust data analytics system, according to a panel of experts who presented on the subject during Verisk Insurance Solutions’ Monday webinar series. Underwriting new risks, managing medical provider …
A new form of predictive analytics offers the ability to detect fraud committed by a group or ring in real time. According to Philip Rathle, vice president of products for California-based Neo4j, graph analysis dates back to 2000, when the …
High complexity claims account for the majority of dollars spent in workers’ compensation claims. One way to identify high exposure claims early is by using predictive analytics. Using analytics, carriers can spot problem cases and direct them to a more …
Insurance claims professionals are pioneers in the use of predictive data analytics. Well before the term “Big Data” was coined, claims examiners were digging into the data within filed claims to unearth kernels of wisdom. These insights illuminated ways to …
Most risk professionals believe that forecasting risk will not get any easier in the next three years, with cyberattacks and regulation topping the list of areas from which emerging risks will likely arise, according to a new report published jointly …
Over the next two years, many property/casualty insurers expect to advance their use of predictive analytics to both improve business performance and leverage big data, according to Willis Towers Watson, a global advisory, broking and solutions company. This seemingly makes …
More than half (56 percent) of the drivers participating in an Insurance Research Council (IRC) public opinion survey have made changes in how they drive since installing a telematics device provided by their insurance company in their primary vehicle. Thirty-six …
Hartford Steam Boiler (HSB), part of Munich Re, announced recently that it has invested in Augury, a predictive machine diagnostics company that is bringing its proprietary algorithms, smart sensing device and mobile diagnostics tool to new markets, starting with diagnosing …
Usage-based insurance telematics have been used in underwriting and in developing new products, but industry experts say claims can benefit from it too. In a July 2015 blog, Strategy Meets Action partner, Monique Hesseling, explained that telematics is useful to …
More than three years later, and we’re still learning from Hurricane Sandy. Thanks to a number of factors – from lack of preparation and education to outdated processes – many insurance claims still remain open. Last spring, the Federal Emergency …