Search
 

A Predictive Analytics Arsenal

In areas of the business like personal lines, quoting, and underwriting, carriers have embraced data and analytics to improve profitability and reduce costs. Yet, they have not applied the same approach to claimswhere the vast majority of a carriers premium dollars are spent.

By Patrick Sugent | Updated on January 02, 2012
A typical auto claim process starts with a phone call from a policyholder who has just been in a car accident. The carrier representative collects details about the accident, and the claims processing system passes information to a claims adjuster’s queue. The claims adjuster then starts the investigation and may order incremental data that he or she thinks is most appropriate for each case. However, this process is labor-intensive. It may take 45 days or more to close the claim.

Now consider this scenario: an agent receives a phone call from a person who has just been in a car accident. The representative immediately sees all of the relevant data about all involved parties as it fills the screen through a data prefill product for quick validation and customer confirmation. The agent instantly confirms the person’s name, address, and vehicle identification number (VIN), as he or she collects details about the accident. Once the accident details are captured, the data is evaluated against an external database that indicates the claimant actually has coverage with multiple carriers. The claim is automatically directed to the carrier’s subrogation unit for further investigation.

Scenarios like this one are surprisingly uncommon. In areas of the business like personal lines, quoting, and underwriting, carriers have embraced data and analytics to improve profitability and reduce costs. Yet, they have not applied the same approach to claims—where the vast majority of a carrier’s premium dollars are spent.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

NOT FOR REPRINT

© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2025 ALM Global, LLC. All Rights Reserved.