Social media usage has risen in all age groups, and the large swaths of information posted by individuals reflect preferences, lifestyles, habits, and, in some cases, neuroses. Insurers can use this mounting social data to create a real-time risk profile while shaping more effective claims and underwriting operations, Celent explains in its new report, "Using Social Data in Claims and Underwriting."
Although there has been much buzz about the potential full impact of harnessing social data, until fairly recently few strategic solutions had surfaced. But Celent is leading the discussion on broader applicability, presenting a five-step model to operationalize social data. The model outlines the major decisions that should be addressed in implementation: what data should be used, what technical strategy should be adopted, how to acquire the data, how to analyze it, and how to integrate social data with existing operational systems.
Standard Inputs into Risk Evaluation
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