There is roughly $30 billion lost annually to insurance fraud. In an effort to overcome fraud, waste, and abuse, many companies are turning to data analytics.
Insurance companies harness analytics to provide customers an expedited application and quoting workflow.
Reduce manual effort and increase effectiveness of fraud detection processes.
Integrating new data sources and synthesizing new data on the fly can enhance an organization’s decision-making.
The Power of Real-Time Performance
Your insights and queries are more most valuable if they get to you in time. In a competitive market where leads convert or abandon in seconds, having the speediest insights makes a huge difference. Inzata’s real-time capabilities and support for connecting to streaming data sources for analysis means you always have the most up-to-the minute information.
The insurance industry definitely has plenty of data.
A single claim could have dozens of demographic or firmographic data points to analyze and interpret.
A single policy could have dozens of individual attributes depending on what is being insured.
Data enrichment, which has become more and more popular, can increase these data points into the thousands.
However, as insurance companies succeed and grow, datasets become increasingly large and complex. Often these are locked inside massive policy and claims management systems which do a great job of storing and maintaining the data.
These do a great job for looking up individual policy records and claims, and of course handle billing and renewals quite well.
