Most insurers cannot analyse free form text in claims notification forms! Typically 80% of an insurer's data is inaccessible and therefore not included in any MI/BI. 

Big Data? - All the unstructured and semi-structured data stored but not analysed. 

Free form text in claims notification forms is a valuable treasure trove of insight to uncover and prevent fraud. It yields content to a claim for personal injury. The where, when, how, what and with who.

See how to analyse this data

That a protective use of big data analytics- avoiding fraud. There are positive uses to match the right product at the right time to a custometrs needs. A connected customer with connected:-

  • Homes
  • Devices
  • Appliances
  • Pets
  • Vehicles

This is where joining external and internal data makes such a difference. Is the claim for storm damage relevant- it is easy to automatically check weather conditions at that property on that day and score the claim accordingly. Flag suspicious claims and validate bona fide claims

This does offer a major disruptive opportunity to big data practitioners like Google and Amazon. They have the proven ability to not only analyse big data but also add context.

Adding Context was one a disruptive opportunity Uber exploited to take business from traditional taxi companies. The context of location- where a taxi is, where a traveller is and joining the two.

Context will add disruptive insights to enterprises that do wish to compete in the insurance market. Could this be Amazon, Google or Alibaba?

See: "Alibaba disrupting Insurers in China- Amazon next in US and Europe?"

Avoid that threat by being as good as these disruptive exploiters of technology. Get a 360 Insight of you business and market place