Given how much data insurers have, collect and use, it’s not surprising that Accenture research revealed that data and analytics are a top priority for C-level claims executives at US P&C insurers.
What kind of data are they using?
- Eighty percent of insurers use offline data, especially from Excel spreadsheets and Access databases.
- Seventy-four percent use unstructured data found in the core claims system.
- Sixty-two percent use unstructured data such as voice, text, pictures and video.
Insurers don’t yet use social media, predictive models or location-based data in substantial numbers, but many would like to.
Join me next week as I share how insurers are using analytics—and why most aren’t getting the benefits they wanted.
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