big data News

Valuable Information That Aids Claims, Underwriting Gleaned From Big Data

The story of big data — the oceans of data that modern technology generates — in some ways presents a modern cliffhanger. Now that we have access to all of that data, what will we do with it? Actuaries heard …

Excessive Police Body Camera Data Disrupts Workflow in Oregon Courts

As body cameras become more prevalent in police forces and sheriff’s offices, the extra evidence is disrupting workflow an Oregon court system. The Albany Democrat-Herald reports that Sweet Home and Lebanon Police officers use body cameras and the added footage …

Study Provides Model for Responding to Large-Scale Data Breaches

Information systems researchers at the University of Arkansas, who studied the effect of two compensation strategies used by Target in reaction to a large-scale data breach that affected more than 70 million customers, have found that overcompensation of affected customers …

Using Technology to Resolve Auto Claims More Quickly

The ability to report claims via mobile devices and streamlining the payment process are among the advances in technology that have helped reduce the cycle time for auto damage claims, according to industry experts. In addition, technology has helped with …

Reducing Claim Costs by Modernizing Claims Business Processes

The claims management workflow is continuously being improved to increase employee and customer satisfaction, reduce labor/time intensive tasks and claim costs. Driving technology into the center of these process improvements has shown to have a major impact on streamlining the …

Insurers Examine Big Data to Identify Risks

Insurance companies are increasingly turning to “big data” from satellites, social media and even cigarette sales at gas stations to help identify risks and build up customer profiles. Insurers and reinsurers hope that real time analysis of data about personal …

Insurers Could See 25% Decrease in Claims Severity by Utilizing Data Early

A recently released LexisNexis Risk Solutions’ study found that carriers that incorporate real time data analytics into the claims process at first notice of loss can more accurately and consistently triage claims, identify potentially fraudulent files and capitalize on subrogation …

Benchmarking Study Reveals Ways Workers’ Comp Organizations Can Improve Claims Outcomes

Workers’ comp insurers need to invest in new talent and improve the use of technology in managing vendor relationships and best practices, according to Rising Medical’s 2013 workers’ comp benchmarking study. Denise Algire, principal researcher and author, said the survey …

Insurer Tech Survey Finds Predictive Modeling and Big Data Important to Claims

Xchanging, a technology services provider, has released a new survey, “The 2014 Insurance Technology and Spending Trends Report.” The survey, conducted at the Acord Loma Forum in May 2014 encompasses responses from 75 insurance industry practitioners. The majority of survey …

Using Big Data To Improve Homeowners Insurance Products

There is no doubt that so-called Big Data is changing the way many companies do business. The volume of information being generated by web activity is growing exponentially and the technology has finally emerged to manage this astounding amount of …