How can insurers survive if they can only access 10% to 20% of the data in the enterprise?
With difficulty at the very least. Yet some insurers are already accessing this unstructured data. From the unanalysed free-text information in Claims Notification Forms (CNF), to emails, word docs, sticky-note annotations.
The 360Globalnet Digital Platform finds up to 45% more potential fraudulent personal injury claims than any other systems.
“White noise” is reduced to between 4-7% This is because it can read and analyse the semi-structured CNF data
The system goes one step beyond link-charting to tell you exactly what red flagged issues the Insurer should be cognizant of.
We can interrogate most database types whether internal or external data
In the first 3 months of operation the first client found 27 organized fraud rings they were not previously aware of!
Once an insurer can add this "lost" information to the structured data it gains a complete picture of claims, claimants, customers.
Add to this external data about all the organisations that impact insurance and the complete view necessary to compete is attainable.
You can see the difference- trial 360Retrieve and its embedded analytics and you will be better able to compete against other carriers and brokers and upstart insurtech innovators aiming to steal your business.
The survey found that data analytics will be the main area for insurers’ technological investment in the coming year, with 84% planning to invest in this area. PwC global insurance leader Stephen O’Hearn said: “Insurance has always been an industry based on data and it is encouraging to see insurers investing heavily in a new wave of technology enabling them to use the data they have at their disposal in the best possible way for their customers and their own bottom line. “Undoubtedly insurers still have their reservations, but it’s great to see increased investment in technology such as AI and blockchain and an interest in partnering with others in order to make the most of this excellent opportunity.”