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How predictive analytics can improve claims outcomes

Target opportunities to successfully incorporate a predictive model

By Adam Wesson | Updated on July 17, 2015

If insurers could somehow forecast the future, what a safer, more productive, and more profitable future it might become. Loss prevention departments could greatly reduce both claim frequency and severity, while growth could be focused to mitigate catastrophe risk.

While we await a crystal ball, all kinds and sizes of losses are taking place. The good news is that tools are now available to help shine a light on important issues within the insurance industry. Big data and predictive analytics have held a firm foothold in underwriting and actuarial departments for years, and many are finding they also have a place in handling Workers’ Compensation claims. As models are refined, more insurers are learning how to improve outcomes and their bottom line.

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