Claims Club: Bell - data must be harnessed
Third generation analytics tools and data visualisation in particular could help insurers better understand their exposure to claims leakage. That was the key message of Steve Bell, advisory partner in Ernst & Young's financial services business, whose team has been looking into how insurers can harness the power of data to penetrate the overall performance of their claims books.
"Insurers' systems tend to be good at processing transactions but not at holding non-financial data," he said. "Dates are good but they are not clever enough. If you have not captured the 'softer'
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