In the chronicles of insurance history, claims data has always been the North Star guiding decision-making. Traditionally, insurers relied on structured data, neatly organised in rows and columns, to make sense of claims. But this was merely the tip of the iceberg. Fast forward to today, and the landscape has undergone a seismic shift, driven by the power of technology.
The past saw insurers reacting to claims based on a limited view, often missing the vast ocean of unstructured data – the emails, documents, images and texts that didn't fit neatly into databases. Predictive analytics then ushered in a new era, allowing insurers to forecast trends and patterns. But even this was based on a subset of available data and was reactive in nature.
Enter the present era of real-time decisioning. Today's technology doesn't just focus on structured or unstructured data; it encompasses all data. For the first time, insurers can analyse near 100% of their available claims data, whether structured, unstructured, or sourced from third parties. This comprehensive view means decisions aren't just based on a fraction of data but on the entirety of it. The implications? Enhanced accuracy, reduced risks, and a more holistic understanding of the claims landscape.
Imagine the power of making decisions based on every piece of data at your disposal. It's like having a 360-degree view in a world when many are still looking through a keyhole. And this isn't just about having more data either; it's about the profound impact of real-time, all-encompassing insights that can impact the process or outcome of a live claim. Insurers can now pre-empt risks, offer more personalised services, and streamline operations like never before.
This shift is not just a technological marvel; it's a game-changer for the industry. For C-suite decision-makers and everyday insurance professionals, it means more informed strategic planning from a tool that empowers them to serve clients better.
At the heart of this revolution is the ability to harness every byte of data, structured or not. And while the industry is abuzz with numerous technologies, it's the ability to make real-time decisions based on complete data that stands out as the true disruptor.
As we reflect on this transformative journey, from the reactive methods of the past to the dynamic real-time decisioning of today, we at 360Globalnet are proud to be at the forefront of this change. Our unstructured data technology is not just a tool; it's a paradigm shift, ensuring our clients have a comprehensive, real-time view of their claims landscape.
In the ever-evolving world of insurance, one thing remains constant: the need for accurate, timely insights. And as we continue to push the boundaries of what's possible, we're committed to ensuring that our clients always have the best seat in the house, with a view that's truly 360 degrees.
If you’d like to know more, get in touch today.
