The fourth trend of five identified in the Accenture Technology Vision for Insurance 2015 is the intelligent enterprise. To date, software has typically been used to help employees make better, faster decisions. Now, advances in data and analytics means greater automation in decision making. Especially since many insurers are struggling to fully utilize the data they already have (56 percent say managing data is “extremely” or “very challenging”), statistical algorithms can help them make sense of the data to drive business outcomes.
Within the claims function, we have seen an evolution in how data and analytics can add value to the business. Initially, advanced analytics were adopted in fraud and subrogation investigations. Subsequently, upper management used data and analytics to inform strategy and make smarter business decisions. Both of these uses are now widespread among insurers—and while they are a necessary part of competing in today’s market, they no longer offer a competitive advantage.
We see an opportunity to leverage intelligent processing throughout the claims organization. For example, some insurers are investigating “claims like this” functionality: based on previous claims, the intelligent enterprise can make predictions for what will happen next. Similarly, insurers might set up event triggers for automatic notification of claims that require attention. By leveraging data intelligence, insurers can imbue the entire claims function—from claims adjuster to upper management—with the ability to make data-driven decisions.
- Read The digital claims function in the We Economy, Part 1: Personalization and the Internet of Me.
- Read The digital claims function in the We Economy, Part 2: The outcome economy
- Read The digital claims function in the We Economy, Part 3: The platform (r)evolution.
- For 100-day and one-year plans to tap into the intelligent enterprise, register to download Accenture Technology Vision 2015 for Insurance (PDF).