Most insurers cannot analyse free form text in claims notification forms! Typically 80% of an insurer's data is inaccessible and therefore not included in any MI/BI.
Big Data?
- All the unstructured and semi-structured data stored but not analysed.
Free form text in claims notification forms
is a valuable treasure trove of insight to uncover and prevent fraud. It yields content to a claim for personal injury. The where, when, how, what and with who.
That a protective use of big data analytics- avoiding fraud. There are positive uses to match the right product at the right time to a custometrs needs. A connected customer with connected:-
- Homes
- Devices
- Appliances
- Pets
- Vehicles
This is where joining external and internal data makes such a difference. Is the claim for storm damage relevant- it is easy to automatically check weather conditions at that property on that day and score the claim accordingly. Flag suspicious claims and validate bona fide claims
This does offer a major disruptive opportunity to big data practitioners like Google and Amazon.
They have the proven ability to not only analyse big data but also add context.
Adding Context was one a disruptive opportunity Uber exploited to take business from traditional taxi companies. The context of location- where a taxi is, where a traveller is and joining the two.
Context will add disruptive insights to enterprises that do wish to compete in the insurance market. Could this be Amazon, Google or Alibaba?
See: "Alibaba disrupting Insurers in China- Amazon next in US and Europe?"
Avoid that threat by being as good as these disruptive exploiters of technology. Get a 360 Insight of you business and market place
