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Tag: legal-data-analytics

Transform Your Insurance Claims Department Using Claims Predictive Modeling

Focus on claims predictive modeling. If you’re in the insurance claims industry, make the decision now: are you going to be mediocre, or are you going to be great?

Good, now that you’ve decided to be great, let me tell you about some of the obstacles.
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Challenges and Opportunities with Insurance Claims Analytics

If you’re interested in insurance claims analytics innovation, I have some good news and some bad news. Rather than hear it from me, you should read these three lists from an Everest Group research article.

First, let’s start with the bad news list:
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Four Steps to Building a Strategic Insurance Claims Analytics Culture

I wanted to share a quick note from a PC360 article:

The Four Steps to Building a Strategic Insurance Claims Analytics Culture:

  1. Obtain Management Assurance
  2. Implement Analytics Across the Enterprise
  3. Deliver Business Value

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Is Your Company Winning with Insurance Claims Predictive Modeling?

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.
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How to Implement a New Insurance Claims Management System

I recently came across an article regarding Homesite Insurance’s implementation of a new insurance claims management system. In the article, Anthony O’Donnell talked about Homesite’s decision between upgrading their existing system versus building a new one. I think any insurer with a pulse and decent execution skills would agree that replacing a legacy system is the right decision.

But what stood out was Anthony’s simple explanation on why Homesite chose their provider:
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The End of Auto Insurance?

True innovation sometimes destroys industries. Ask Kodak, Blockbuster, taxis, car GPS modules, and Borders:

How did innovation work out for you?

Paul Carroll wrote a great article on Insurance Thought Leadership on whether innovation is beginning to destroy the auto insurance industry.
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Hacking Litigation: An Overview of Claims Litigation Data Analytics

It’s time to take advantage of the opportunities we have, especially claims litigation data analytics. Using data analytics, homeowners insurers and their attorneys can save millions of dollars per year in unnecessary expenses. For homeowners insurers, competing on analytics could help insurers reduce their defense cost containment expenses by 30-50%
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