Claims professionals are still vital for the insurance industry, despite the increased use of data analytics, according to Judith Vaughan and Michael W Elliott of risk management provider The Institutes. “Insurance claims specialists have been a key part of our industry since its inception, but they remain an important source of revenue in many parts of the world,” said Vaughan. But data still needs to be gathered by a qualified adjustor and a human investigator is crucial for thorough investigation of claims and actuaries will need to understand how to best use new analytical tools.
Claims professionals are still vital for the insurance industry, despite the increased use of data analytics, according to Judith Vaughan and Michael W Elliott of risk management provider The Institutes. Data analytics can help improve fraud protection, process efficiency and in triaging claims. But data still needs to be gathered by a qualified adjustor and a human investigator is crucial for thorough investigation of claims and actuaries will need to understand how to best use new analytical tools.