Bump in data aggregation can help steer risk mitigationPosted On: May. 1, 2019 12:00 AM CST
A benefit from the increased use of technology in the claims process has been the collection, from sensors and digital interactions, of huge new stores of data that can help drive mitigation and other activities among insurers and policyholders, sources said.
“There is a lot of data being captured in the process today and aggregated which was not aggregated in the past,” said Sri Sridharan, U.S. chief claims officer in Chicago for Marsh LLC.
Data that is collected can then be plugged back into companies’ decision-making apparatus, said one source.
Companies are looking at how they can make the most of the data they have to help inform decisions and create value, said Matthew Lehman, managing director in Accenture PLC’s insurance practice in Chicago.
Risk mitigation is one area that could benefit from the increased data, according to John Meder, Raleigh, North Carolina-based executive vice president of USI Insurance Services LLC’s risk advisory practice.
The increased data gathered by all the technologies used can shed greater light on claims and potentially help drive risk mitigation, he said. “Data will talk to you.”