Technology people are never going to “get it.” When will insurance executives realize it? Its time to become an insurance claims data executive.
Smart technology people will admit it. They can’t transform the claims industry by themselves. They need claims executives to start from the bottom up so that they can translate their needs.
When smart technology people get a hold of smart claims executives, you wind up with a smart claims data executive. Maybe even two!
These thoughts came to mind as I read a Towers Watson article I wanted to share. Here are some of my notes:
Insurance companies use technology in four different ways:
Claims data executives understand the distinction. They might not be completely happy with how much effort it takes to truly become data-driven, but they know what their goals are. They know they have some metrics; however, they want to get more data to get better metrics. They’re also working slowly on putting the puzzle together on how the numbers can help predict the future. Once they have those analytics in place, they have already thought of dozens of ways to deliver them to the front lines.
Claims data executives aren’t brilliant, and they’re nowhere near done with data. They do, however, know where they’re headed.
The Towers Watson article includes another great quote:
“Claim officers believe there are opportunities to enhance analytics and predictive models to benefit claim departments. Nearly 70% responded that the most significant opportunity was leveraging models to project ultimate loss potential at the individual claim level for case reserving and actuarial analyses.”
Insurance company claim executives, is this your data goal? If not, it should be. This is the fourth level of technology: application.
I know, it sounds daunting. But you can get there, and you have to start somewhere.
We pride ourselves in being the bridge between smart claims people and smart technology. The more interest we can get from the executive team, the better the results. Insurance company executives don’t have to become fluent in data efforts; however, the more they care, the more they will achieve. Are you a Claims data executive?