Lemonade has taken a bite-sized slice of insurance- renters and a single immediate claim settlement is analysed with interesting thoughts.
More complex claims require a "augmented intelligence"- combining the power to sift the data "wheat from the chaff". Not just the information on the claims notification form (CNF) but being able to access and analyse information held across the insurance carrier.
Combining the experience of human behaviour, that every competent fraud investigator has ( the Sherlock Holmes genius), with a capacity to follow a hunch across all the big data available:-
- Emails
- The free text area in every CNF
- Letters
- Photo & Video metadata
- Telematics
Most insurance carriers can only access and analyse around 10-15% of this data.
Enterprise strength insurtech solutions
should be able to access 80% to 90% to exploit the value of big data.
It's no good taking the cloudy option just because it looks good. Insurance carriers need the clear option to reduce fraud, process claims faster and sgtrip out unnecessary cost.
Not to take away from Lemonade which proves the benefits of digital transformation and new insurance platforms
