Claims departments are being asked to do more with less today, but are not benefitting from the data and analytics investments insurers are making in their application and underwriting processes.
A white paper by LexisNexis says, historically, data and analytics investments on the claims side have been largely limited to special investigative units charged with identifying fraud.
Not surprisingly, data does make a difference in claims settlements, LexisNexis says. Its white paper looked at 400,000 third-party bodily injury features and 1.8 million property-damage features from 20 top personal-auto carriers. The features were then segmented by the availability of certain data elements “immediately after completing the claim reporting process and before assignment.”
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