LONDON, November 5, 2014 /PRNewswire/ --
A recent PEX Network article revealed that fraudulent claims cost the insurance industry £2.1 billion last year. The insurance industry thrives on data; however Insurers are facing the challenge of how to leverage data without causing inefficiencies and bring immediate commercial impact to their organisation.
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In order to compete insurance companies are turning to software companies. SAP are currently using their software to help analyse patterns of fraud through geographical occurrences; where certain types of fraud are happening more regularly, giving Insurers a glimpse of an improved bottom line. However research shows this market is massively unutilized, only a select number of players have the platforms required to capture this insight.
With the help of software provider's data being examined by insurers could extend beyond current limitations. Social media profiles and other online information that adds details to individual insurance cases could also be taken into account. Analytics applications and collaborations with the main players in this industry are set to provide software companies with unprecedented opportunities.
This insight was compiled in the run up to The Insight and Analytics for Insurance Summit, taking place in London 20-22nd January 2015. The summit will bring together Heads of Data and Strategy and IT Heads to shape their data strategies. For more information on sponsoring this event email firstname.lastname@example.org or call +44(0)207-368-9300
SOURCE Insight and Analytics for Insurance Summit