"Insurers need to learn to share their data if they want to take full advantage of the mountain of information generated from connected devices, insurtech executives say. Along the way, somebody’s got to figure out who owns the data." Jim Sands in Claims Journal June 24
Almost every digital claims strategy has a goal to harvest the data from connected devices so - "Have you got the answers to the questions?" -
- Who owns the data?
- How do you access, analyse and make a part of digital claims?
Who owns the data?
The first question is a pressing one- recently Google and the Britain's National Health Service (NHS) got into trouble in the UK applying AI to anonymised data from patients. They had never obtained permission from patients for the data to be used in that way. This is a central plank of GDPR which, whilst an EU Data Directive, applies to any global enterprise dealing with EU.
THis is a barrier to widespread use of data so make sure that when you collect data that the providers of such data have given tacit permission for it to be used in the way you plan.
A digital claims platform will include in its process the workflow to ensure the data collected from customers is usable in settling claims, analytics and BI. That still leaves a grey area for data from external sources so make sure you have specific permission from the customer if you sue social media feeds and third party applications.
How do you access these disparate and multiple data sources?
360Retrieve has been used by a diverse range of users from Police Forces to HMRC to access, join and analyse: -
- Unstructured Data
- Semi-structured Data
- Structured Data
Text, metadata, annotated documents, dashcam, voice, you name it. All in a single digital record for each claim that means adjusters/claim handlers and the supply chain have all the information to settle claims accurately and faster.
360Retrieve offers Fraud Solutions and recently we launched the Personal Injury Analyser. At the core is this ability to analyse all the internal and external data necessary to make the best decisions. Combining the best of technology with human expertise and empathy for customer satisfaction and efficiency/effectiveness.
360Retrieve is a solution in its own right. When combined with the Digital Claims Platform 360Siteview it offers insurers the solution they seek to compete with full-stack insurtechs like Lemonade and Bought by Many.
All without having to replace today's old and newer but complex core systems.
Michael Connor, chief executive officer of the Insurance Accelerator, said "Most people are willing to share information, in an anonymous way, if it can be put to good use."
On the other hand: “The carriers look at their data as their corporate jewels, even though most of them are not taking advantage of that data because they don’t have the infrastructure in place,” he said.
If you cannot change your infrastructure, whether ancient legacy or new but still inflexible and complex platforms, how can you leverage Digital Data- the secret sauce of success?
360Globalnet for one offers the answer to that conundrum and having processed over 3.5 million claims digitally can prove it. So; here is the challenge-
Ask us to prove it in a Proof of Concept which we can deliver with all the metrics in a matter of months. Don't be left behind- contact [email protected]
“Insurance companies are trying to envision a future that is data driven,” Russell said. “They want to keep everything themselves. They don’t know what they are going to do with it yet. They don’t even have the back-end s systems to manage the data right now.”