“When the winds of change are blowing some people are building shelters, and others are building windmills.”
When I read that quote at the beginning of a presentation, I was hooked. If you’re reading this article, you’re probably an insurance claims innovation nerd like me, so you’re probably hooked too.
Here is the link to an awesome presentation on claims innovation:
No, this brief article isn’t going to tell you how to master data. Sorry for the letdown.
But, I did want to share a helpful article from Innovation Group with you. In the article, Innovation Group teaches us how to achieve data mastery.
I wanted to share these lists from the article:
The Roadmap for Developing a Data Mastery Action Plan
I recently read an article on the GenRe website worth sharing. Here’s an excerpt:
“A 2012 Towers Watson survey of Property and Casualty claim officers found that 63% of respondents have started to explore the use of predictive modeling in their claim operations. The survey further stated that 7% have already been using claim analytics for more than three years.”
Are you ready to hear the truth, the whole truth, and nothing but the truth about unstructured insurance claims data?
Good, I am ready to tell it to you.
If you’re an insurance company executive, the biggest step you can take today is acknowledging that you have one major obstacle you must overcome if you’re ever going to run a data-driven claims department.
There’s a party going on and you’re invited. Tons of models are at the party too.
If you’re like most claims executives, you like to arrive fashionably late to the party. You don’t want to be the first people there. You don’t even want to be in the first 50% of people to show up.