data

In some corners, critical discussions around core system technology have changed dramatically.  Just a few short years ago it was all about issuing policies and bills faster, settling claims more accurately, reducing error ratios, automating routine processes, and utilizing industry data standard... Read More >
Big Data is a common buzzword in the business and technology world today. Wikipedia defines Big Data as a broad term for data sets so large or complex that traditional data processing applications are inadequate. The 4 V’s – Volume, Velocity, Variety, and Veracity - characterize big data.... Read More >
There is an overabundance of terms thrown out today that “everyone” “must” embrace when it comes to data.  Here are a few of the most popular:... Read More >
In my previous post, I discussed how analytics can help identify insurance fraud, but how can this be applied in the real world? There has emerged a relatively new technology specifically made to analyze and store relationships or graphs with blazing speed and flexibility. A graph is any type of networked data.... Read More >
Insurance is a big industry. In the U.S. alone, 7,000 companies collect over $1 trillion of premium a year, resulting in an extremely attractive market for fraud. The FBI and NICB (National Insurance Crime Bureau) estimates that roughly 10 percent of all non-health insurance claims totaling $40 billion a year are very likely fraudulent.... Read More >
The complexity of modern property and casualty core systems can seem daunting. While the business value being delivered is quite high, it comes at the cost of inherent complexity needed in the core system as well as the integration and communications between systems. As a result, one of the critical aspects of software evaluation has nothing to do with functional capability, but instead how the application support team can keep the system performing at a high level.... Read More >
When business users talk about operational reports, their primary concern is the output - the information they require to make the decision at hand.  To them, a report is a report is a report.  It’s a thing.  But to make reporting happen, you actually need three things, not one. The right data... Read More >
As the 2015 tennis season’s first Grand Slam event, the Australian Open, began, my thoughts turned to a quote from the legendary Arthur Ashe: “Success is a journey, not a destination.” A winner of the event in 1970, Mr. Ashe recognized that success requires constant pursuit.... Read More >
As a consumer, I am getting used to a more individualized experience. These experiences are often driven by ‘loyalty’ cards that trade ‘points’ for my personal information, habits, etc. It seems worth it, and I understand the value to both sides. It makes sense. Applying that experience to insurance also makes sense – loyalty (a.k.a. retention) is a key metric for insurers. The problem is, I don’t often see the value to me as the policyholder.... Read More >
I hate the word “actionable.” I know it’s all the rage in business intelligence marketing-speak, but it implies that complex processes and strategies can be reduced to “see this, do that.” We at Guidewire Live chose the motto “From Guessing to Knowing” because truly understanding what’s happening in your business often has value that may not be so simple to describe.... Read More >

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