Know the Plaintiff Side Through Data, Drive Down Litigation Costs

One of the most significant challenges facing property and casualty (P&C) insurers is the sheer volume of unstructured data from various sources needed to make informed decisions. The claims process is complex, often involving multiple parties, varying legal issues and associated costs. One vital tool that is poised to help in decision-making across the claim lifecycle is data analysis.

Data that is curated and analyzed in a timely and relevant way can help reduce costs, improve operational excellence and build customer trust and loyalty. It can also be a powerful tool for insurers looking to manage litigation risks and achieve more efficient, effective, quality claim outcomes.

Data Hygiene

The insurance industry has no shortage of data available. Sourced internally and externally for informed decision-making, it has created a rising challenge of data hygiene that needs to be addressed by insurers. Two general rules always apply:

• The data being analyzed must be accurate, reliable and up to date. This requires insurers to have robust data governance processes to ensure that data is clean, standardized and accessible. Additionally, for the data to remain relevant and accurate over time, it must be regularly monitored and validated.
• Insurers must be able to interpret and act on the data being analyzed to make informed decisions. A combination of technical expertise, business acumen, and the right decision tools and processes must be in place to support this process.

Read the full interview here.

Learn how EPAM is engineering the future of insurance by infusing business strategy into technology-enabled solutions to drive superior outcomes: https://www.epam.com/industries/insurance