Data and analytics have become hot topics in the P&C space as many carriers have incorporated data and analytics into their application and underwriting processes.
But few carriers have truly integrated external data deeply into their claims process. To assess the effect of having more data earlier in the claims process, LexisNexis® Risk Solutions conducted a study that investigated how data affected the claims of several carriers listed in A.M. Best's top 20 ranked carriers.
The results? When carriers collect more data, earlier in the claims process, they experience significant benefits in cost and efficiency.
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