Data Analytics

In workers' comp, data is too often used after the fact, in investigations. Data must be integrated early and used throughout the claims process.

Information asymmetry makes it difficult for insurers to determine who is a high-risk customer and who is low-risk, leading to rampant fraud.

You’ve already done the hard part by moving to an electronic agency management system platform. Now you need to start using your data.  

There are not enough good data scientists to go around. So, should you "buy" them, "rent" them or "build" them. A hybrid may be the answer.

In essence, business intelligence needs to transcend data, structure and process and be not just a precise science but also a well-integrated art.

Data analytics can transform workers' comp, but only if handled right. A key is producing an analytics delivery system that is self-documenting.

Some still measure the quality of analytics by the quality of dashboards and reports, but effective use of analytics is much more than a pretty visualization.

The future of analytics is even more promising than most can imagine -- it is already igniting innovation and change at carriers.