Two-thirds of insurers say their claims systems are not capable of collecting and analyzing data to improve decision-making, according to the Accenture "North American Claims Investment Survey." That's a particularly troubling statistic, as claims can consume as much as 80 percent of earned-premium dollars.
Worse, despite the vast amounts of data insurers accumulate, the industry frequently is criticized for its perceived inability to access, make sense of, and act upon that information. This can lead to lost opportunities and perpetuating inefficiencies in core business processes.
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