Most of the insurance industry experts predict that by the end of 2018, most of the businesses including the insurance companies will heavily deploy Big Data solutions in their daily work proceedings. Despite the fact that the present adoption rate for this innovation is still on the half way mark, the acknowledgment of Big Data insights and analytics as the device of faster decision making will also heed in battling insurance fraud as well.
Challenges in adopting Big Data
- The first and foremost challenge is to adopt big data into your existing systems.
- The infrastructural and technological prerequisites of big data posture genuine subsidizing challenges for insurance companies.
- The kind of data, especially unstructured one, is the key to resolve many claims related challenges.
- Aside from organization held information, just about 80 percent of claims information contains unstructured data, such as written hand notes, recordings and images.
- The developing part of social networking and social media analytics in fraud prevention further adds to the complexities.
- Also, enormous data sources, legacy frameworks, disparate and third party systems that are difficult to incorporate, pose additional challenges in implementing big data for auto insurance claims processing.
Therefore, when computing expenses of improving data infrastructure, (for storage and processing) and sources, fabricating a claim for a reliable profit is only possible if insurers tackle these challenges for future growth and productivity.
Inniti Alliance with its state of the art Big Data and Insurance Analytical services can help insurers to streamline their auto claims management system with big data insights. The adoption for our solutions is an easily to use integrated platform with extensive knowledge gathering, pilot and organization stages.
Before identifying data source, infrastructure and technology investments, insurers need to perform a detailed cost-to-benefit analysis. It’s better to have internal clarity on which business line to implement. The people and processes surrounding big data infrastructure need to alter in tandem to drive closer collaboration and coordination across business lines. Inniti helps companies to define clear roles and responsibilities with respect to owning data and processes, and consider appointing a dedicated fraud management team.