New executive briefs show use and impact of new technologies in claims: Novarica
Boston, MA (Sept. 19, 2018) – New claims capabilities represent key opportunities for carriers to improve customer perception and claims results. Unlocking the value of the vast amounts of unstructured claims data carriers have amassed, for instance, is becoming increasingly important for more effective claims management beyond claims fraud and severity indication. Additionally, enhancing the digital capabilities policyholders have come to expect, leveraging data from myriad sources in FNOL, including telematics, smartphones, wearables, IoT sensors, and GPS, can ensure a positive experience and increase internal efficiency.
In a new Research Council Study, Unstructured Claims Data Usage in Insurance, research and advisory firm Novarica examines the uses and challenges of unstructured data in claims based on data from a recent study of 44 insurer CIO members of the Novarica Insurance Technology Research Council.
Novarica also provides an overview of the impact of digital in P/C FNOL and provides CIOs and their business partners with insight on key elements of digital claims evolution a new Executive Brief, Digital FNOL: Key Issues and Prominent Providers, which provides information on 10 solution providers active in this space.
“Unstructured data analysis is still emerging, but the capabilities have become more common among carriers. Valuable stores of information still remain locked in handwritten notes, photos, videos, and feeds from external sensors. Incorporation of this unstructured data has significant potential across the insurance value chain, most notably in claims,” said Jim Klotz, Vice President of Research and Consulting and lead author of Novarica’s new Research Council Study. “Eventually, deriving insight from unstructured claims data can pay gains in the form of predictive severity detection, loss reduction, and improved underwriting.”
“Taken together, digital FNOL capabilities have the ability to speed and streamline the claims process, allowing for more efficient gathering of information, faster adjustments, and more transparent claims experiences,” said Keith Raymond, Vice President of Research and Consulting and lead author of Novarica’s new brief. “Digital FNOL capabilities are becoming table stakes among P/C carriers, but the ceiling for the capabilities that can be incorporated and the customer experience that can be delivered is high.”
A preview of each brief is available online via the links above.
Novarica helps more than 100 insurers make better decisions about technology projects and strategy through retained advisory services, published research, and strategy consulting. Its knowledge base covers trends, benchmarks, best practices, case studies, and vendor solutions. Leveraging the expertise of its senior team and of more than 300 CIO Research Council members, Novarica provides clients with the ability to make faster, better, more informed decisions. Its consulting services focus on vendor selection, custom benchmarking, project checkpoints, and IT strategy. For more information, visit www.novarica.com.
Source: NovaricaTags: analytics, customer experience, Novarica