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ITA Pro Weekly, May 28,2020

Westfield Insurance’s perspective on big data, Majesco on data and the “new normal,” FRISS, eviid partner to fight fraud, and more…

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Insurance has always relied on large volumes of data to gauge customer behavior and more. But as big data has gotten bigger, insurtech has empowered carriers to leverage that data as never before. James Merz, Chief Actuarial and Analytics Officer, Westfield Insurance, examines how insurance data has changed over the years, and the benefits – and responsibilities – of carriers to apply and protect that data in the insurtech age.

“Knowledge about the data itself is becoming easier for companies with AI/ML-assisted data catalogs. Carriers have large volumes of data and are incorporating more data into their processes daily. Having a deep understanding of each of those data elements is critical for a company to know not only what the data means, but what data is important and why, what is personally identifiable information (PII) or HIPAA related, which is used for critical business processes, which has levels of quality that require improvement, and other aspects needed to provide knowledge workers with the right data to make their decisions.”

 

Data is absolutely essential for insurers, especially now, in the middle of a pandemic. But the same attributes that make data vital today don’t go away when times of crisis aren’t here, writes Ben Moreland, VP, Data Practice at Majesco. No matter the circumstances, insurers must focus on data as a strategic and vital corporate asset – or struggle to keep up with the necessary changes in the “new normal” that will follow the crisis of COVID-19.

“Many organizations have created CDO (Chief Data Officer) positions or aligned the data group under the CFO. Both of these are great first steps, but they still miss the need for an insurer’s data strategy, direction and projects to all be driven by the executive level and the data asset value understood at the executive level.  A CDO should be at the executive table working closely with executives across the organization, eliminating the silos and managing the DMO for the company.”

 

AI-powered risk and fraud solutions provider FRISS is partnering with eviid, a provider of evidential video technology, to help P&C insurers raise the number of avoided claims and detect manipulations in digital footage in real time. eviid certifies and verifies the creation of the media, like DNA or a fingerprint, and seamlessly provides this information to FRISS to run a comprehensive fraud analysis by combining eviid data with predictive models, expert knowledge rules and internal and external data sources to build the risk score for each claim.

“Staying on top of fraudulent activities requires many different kinds of technologies – especially as the bad guys get smarter. But integrating the different kinds of digital capabilities and orchestrating the processes and data can be challenging,” says Karlyn Carnahan, Head of Celent’s Property Casualty business for North America.  “Forward-looking firms are creating ecosystems of pre-curated and pre-integrated solutions that simplify the process of delivering a set of very complex capabilities quickly and seamlessly.”

 
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