The Shifting Foundation: Data Challenges in an Era of Home Tear-Downs
On a recent walk through a neighborhood in the town I grew up in – Hanover, New Hampshire – I was surprised to see the number of new homes that have sprung up. It’s a very nice neighborhood where 3,000-square-foot homes are being replaced with homes that are much larger. This is part of a […]
How to Keep Policyholders Informed and Confident Through Uncertainty
In moments of crisis, whether economic downturns, extreme weather events, or policy and regulatory shifts—insurance policyholders look to their providers for reassurance. Unfortunately, this is when many insurers fall short: bombarding customers with generic updates, missing the opportunity to become a trusted advisor, missing critical channels, or failing to provide the transparency that builds trust. […]
Retain Customers with Faster, Friendlier Claims: 4 Strategies for Insurers
Key Takeaways: In the insurance industry, customer satisfaction has a direct impact on your bottom line. Efficient claims processing and transparent communications are key to customer satisfaction. To streamline the claims process and enhance the customer experience, you must adopt automation, self-service, and omnichannel communication solutions. In 2024, property claims customer satisfaction (CSAT) has reached […]
Revolutionizing Insurance: Optimize Your Claims Process to Drive Customer Satisfaction and Retention
Key Takeaways: Insurers provide better customer experiences with claims processes that are simple, fast, empathetic, and deliver proactive communication throughout. Use an integrated customer communications management (CCM) platform to streamline communications and ensure that updates are timely and personalized. Effective communication during the claims process not only improves customer satisfaction but also significantly boosts customer […]
Build the Context You Need Around Your Data
Chances are, we’ve all heard the story of the lighthouse and the naval vessel, in which the captain of a large ship sees a light in the distance and transmits a command that the smaller vessel give way. After several refusals, the commanding officer angrily transmits: “I am a battleship.” The response comes quickly: “I’m a […]
Claims Processing with Generative AI: Making Sense of the Data
Insurance industry leaders are just beginning to understand the value that generative AI can bring to the claims management process. By harnessing the power of machine learning and natural language processing, sophisticated systems can analyze and prioritize claims with unprecedented efficiency and timeliness. They can ingest information as soon as it becomes available, summarize lengthy narrative […]
Insurance Organizations Depend on the Quality of Their Data
Insurance is an inherently data-driven industry. Even before the age of advanced analytics, experts in the industry were routinely using data to assess risk and price policies. Today, data analytics plays a more important role than ever. Innovators are in a race to see who can use it to their best advantage. Insurance carriers have […]
Improve Wildfire Risk Model Accuracy with Data
The world has witnessed a catastrophic series of disasters in recent years stemming from wildfires, displacing families from their homes and devastating entire communities. In many cases, the impact on local ecosystems has also been overwhelming. In short, wildfires have profound humanitarian and environmental costs, not to mention the financial impact. The United States alone […]
Top 3 Ways to Improve Patient Care Through Healthcare Data Governance
Healthcare data governance also known in the industry as “information governance,” refers to a framework that manages data assets to ensure confidentiality, appropriate access, and accurate maintenance and storage of patient information. Traditionally, it’s also supported regulatory compliance efforts at both the state and federal level (HITRUST, HIPAA, and PII protection, for example). Looking beyond security […]
Better Data, Better Underwriting: Simplify underwriting with better data
Advanced data analytics enable insurance carriers to evaluate risk at a far more granular level than ever before, but big data can only deliver real business value when carriers ensure data integrity. For P&C insurance, that starts with having accurate and precise information as to the location of an insured property. Data quality is critical, […]
Property Insurance: Meeting Core Data Challenges
Inflationary pressures, an increase in natural disasters, and secondary perils are creating challenges for property insurance carriers, exposing them to additional risks and undermining profitability. How can property insurers mitigate these economic challenges? Data plays a critical role, but to succeed, carriers must govern and manage their data effectively, building data integrity and developing scalable […]
Build Trusted Data for Your Insurance Cloud Migration Initiatives
It is a challenge for insurance companies to increase organizational agility in the face of rapidly evolving business conditions and a changing regulatory environment. High inflation and an increase in claims have fueled escalating costs. The ongoing global pandemic has underscored the need for insurance carriers to be highly responsive and adaptable to change. Technology […]