data analytics News

How Data & Analytics Are Helping Insurers With Flood-Damaged Vehicles After Florence

Initial estimates of the damage caused by Hurricane Florence are expected to total approximately $20 billion, as residents of the Carolinas and Virginia are faced with cleanup and recovery. The Carolinas experienced historic flood levels, according to Moody’s Analytics. Mark …

White Paper Offers Alternative Approach to Handling Workers’ Comp MSAs

A newly released white paper suggests workers’ compensation payers forgo Medicare Set Aside (MSA) voluntary reporting. Conventional Set Aside practices, according to Care Bridge International, can greatly inflate costs to claims payers to the tune of almost double the cost …

Four Ways that AI Enables Insurers to Differentiate

Insurance companies are generating more data than ever before, and the value of that data is rapidly increasing as new products are able to properly analyze and make use of it. Beyond traditional analytics, one way that data can deliver …

Survey: Claims, Customer Service and Underwriting Main Focus of Insurer Data Analytics

Three frontrunners lead US property & casualty (P&C) insurers’ priorities for data and advanced analytics: customer experience; claims management; and telematics data for pricing, customer selection and product design. This finding, and the growing range of data sources that insurers …

LexisNexis: U.S. Insurers Unprepared to Leverage IoT Data for Strategic Business Needs

While insurers in the U.S. recognize the impact the data will have on the industry, few currently have an IoT strategy, are collecting IoT data or have dedicated resources in place, according to a new LexisNexis Risk Solutions research. This …

Genex: Uncovering Hidden Data in the Workers’ Comp Bill Review Process

While several factors define a sophisticated bill review vendor, data analysis and reporting capabilities are becoming increasingly important in selecting the right vendor, according to a recent report released by Genex, a workers’ comp case management company. The white paper …

Claims Changes Driven by Tech, Data

A report released earlier this year by research and advisory firm Novarica highlights how digital opportunities, analytics and the Internet of Things (IoT) are driving changes in claims. Customer service standards set by other industries is contributing to the digital …

Big Data Helping Iowa State Researchers, DOT Manage Traffic Crashes

The traffic data hits the REACTOR lab in continuous streams from across the state – video, traffic volume, speed, backups, weather and more. Iowa State University researchers can call up all that data on the six big screens arranged around …

Analytics at Heart of Workers’ Comp Cost Containment

To remain competitive in the marketplace, all workers’ compensation carriers will need to adopt some form of analytics, according to Rob Lewis, president of ISO Claims Partners. Lewis outlined the benefits of using predictive analytics in all stages of a …

Digital Trends Impacting Insurance Claims Departments in 2017

Customer engagement, improved usability in all claims systems and expanded use of data analytics are just a few of the trends predicted for 2017 as insurers pick up the pace on digitization, according to Ed Charlton, global director for Strategies …