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In addition to readying their core offerings to accommodate different types of data inputs, claims technology providers also know that the use of analytics has become more common in the claims process.
Ben Brantley, chief technology officer at Guidewire Software Inc., said the Foster City, Calif., company is developing a central repository that aggregates the claims data from its property/casualty customers to allow them to use it for benchmarking and analytics.
“A major area of investment for us is being able to take advantage of the fire hose of data streaming out of these (core processing) systems,” Mr. Brantley said.
Another area of investment is readying their product for the era of big data, which involves data volumes that would overwhelm conventional technology architectures.
Mr. Brantley said the company was working to reconcile its technology with emerging distributed computation frameworks, such as Apache Hadoop, that are designed to handle big data volumes.
“It is incumbent on us as technologists to take on this task,” Mr. Brantley said. “It's a little unrealistic to ask every insurance company to set up a data science team that has expertise on cutting-edge software libraries and frameworks and then weave it together with data.”
Using predictive modeling to augment claims management systems is expanding beyond insurers and third-party administrators, those familiar with the technology say.