data analytics News

For Large Companies, Odds Are Even For a Cyberattack This Year

For the the top 250 U.S. firms in terms of revenue, the chance of a data breach in any given year is about the same as the chance a coin will turn up heads when flipped, according to an analysis …

Technology’s Promise and Drawbacks Among Top Claims Stories for 2019

Technology — both its promise and its alleged abuse — was a key component of the most important news stories for claims professionals in 2019. Several insurers introduced new technical innovations to their claims processes during the year. At the …

Industry Appointments: Honk, QBE, Insurity, Berkley One

Honk Appoints Executive VP Honk Technologies, a platform that connects drivers with towing professionals and insurers, announced the appointment of Rochelle Thielen to the nearly created role of executive vice president for partnerships. Thielen is an automotive industry expert with …

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 …