Data Analytics

This article is the first of a series on how the evolution of catastrophe models provides a foundation for much-needed innovation.

Issues indicating a workers' comp claim is becoming a major problem can be addressed in real time -- if the right systems are in place.

In workers' comp, data is too often used after the fact, in investigations. Data must be integrated early and used throughout the claims process.

Information asymmetry makes it difficult for insurers to determine who is a high-risk customer and who is low-risk, leading to rampant fraud.

You’ve already done the hard part by moving to an electronic agency management system platform. Now you need to start using your data.  

There are not enough good data scientists to go around. So, should you "buy" them, "rent" them or "build" them. A hybrid may be the answer.

In essence, business intelligence needs to transcend data, structure and process and be not just a precise science but also a well-integrated art.

Data analytics can transform workers' comp, but only if handled right. A key is producing an analytics delivery system that is self-documenting.