, Co-founder and Chief Data Officer at Breathe Life discusses how to leverage data across insurance - follow the link at bottom to read the full article. For digital claims, claims fraud prevention and tackling under-reserving in PI Claims read on.
To tackle this frequent challenge360Retrieve is being deployed by large and small insurers and fraud investigation service providers. Recently we announced the partnership with Synectics Solutions to deliver unstructured data and analytics.
Russell Mackintosh, Head of Partnerships at Synectics, said“Ensuring that we’re offering our clients the very latest technology to help them improve their fraud and wider financial crime prevention capabilities is at the heart of our strategy. Providing the SIRA community with the ability to analyse unstructured data and incorporate that with other intelligence is an exciting step, and one which I’m delighted we’ve taken in partnership with 360Globalnet.”
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In December 2019 BC Legaland 360Globalnet launched a partnership offering insurers 360Retrieve QC Injury Claim Toolkit.
Chris McCrudden, Operations Director of BC Legal, said“As soon as we met the 360Globalnet team and saw their software platform, we knew a collaboration would be hugely exciting for both parties. Like 360Retrieve, our claims handling software, such as ABC Quantum, is designed to promote efficiency and innovation whilst maintaining technical excellence during the claims handling process. We are looking forward to working together on this project and hopefully many more in the future."
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Insurers were founded by leveraging data and in a current age where, as Jean-Nicholas Hould says
"Conducting a thorough build vs. buy analysis can help insurers compare the costs, benefits, and timing of in-house, data-centric solution development vs. partnering with a vendor, but there are other intangibles that can be harder to quantify, such as missed-opportunity cost and user experience that should also be considered. This is especially true in an era where digital-native disruptors are pursuing the same prospects as insurance incumbents."
Don't let the Digital Giants, which are master data management practitioners, steal a march on you.
The only aspect with which we disagree in this article is the focus on fresh data. Do not ignore the value of the insights in current data which is vital to analyse if you are to achieve efficiency, lower costs and happy customers all at the same time.
As Synectics Solutions and BC Legal show there is gold there, joining with their data sets, third party sources . We have not even started with IoT sensor generated data, CCTV, dashcam and so on.
Data is, was and always will be key to success. Want to explore how to leverage it?
Contact Mike.Daly@360Globalnet.com
Fraud prevention must have the flexibility to shift often as criminal behavior frequently adapts to circumnavigate anti-fraud measures. Big Data has proven its effectiveness at preventing fraud, with insurers who have adopted it reporting 1.4x average lower investigation costs. It’s well-suited to risk management activities meant to identify fraud, such as profiling. By matching the variables within each claim to past fraudulent claims, the system quickly flags issues for further investigation.
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