Analytics has demonstrated its ability to help claims managers reduce both their loss costs and their operational expenses, but most European and Latin American insurers admit that they are unable to take full advantage of the growing volume of data available to them due to their inability to collect and analyze the data.

Although insurers recognize that analytics can provide many benefits—including improved fraud detection and prevention, and contributing to the improved speed, efficiency, transparency and predictability of the claims process—they say that a lack of IT capability is their main impediment to setting up a dedicated claims analytics organization.

 Can analytics improve the predictability of the claims process? (figure 1)

To learn more:

Read the Accenture Europe & Latin America Claims Investment Survey report

Read the Accenture Technology Vision for Insurance 2014 report

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