Accenture research found that 34 percent of insurers currently use predictive modeling, while 32 percent would like to use it. And among insurers that plan to invest more than $25 million in their claims function, 54 percent would like to use predictive modeling in their claims processes.
Predictive modeling, and data and analytics in general, can unlock important insights into customer behaviors and needs, and improve the overall claims management process. Yet, only 24 percent of survey respondents feel their organization is able to collect and analyze claims data and use it effectively.
Next week, I’ll dive into the third topic illuminated by our recent research: talent management and recruitment.
To learn more:
- Read the survey: North American Claims Investment Survey: A Foot in Today, a Leap into Tomorrow for P&C Claims Functions (pdf; opens in a new window)
- View the Accenture North American Insurance Claims Investment Survey infographic