The rise of social media and big data means that text mining presents an enormous opportunity for companies with the vision and resources. Insurance Networking News asked Karthik Balakrishnan, SVP of fraud solutions and analytics at Verisk Health, a division of Verisk Analytics, and Phil Hatfield, VP of operations at the ISO Innovative Analytics unit of Verisk Analytics, to explain the technology and how insurers are using it to better understand their customers, competitors and carriers.

INN: In what operational areas are insurers making best use of text mining? In what areas are they deficient?

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