Streaming data is transforming how insurance companies provide their services. It can offer critical information needed to underwrite risks with better information, detect and prevent fraudulent claims, deliver world-class customer service and tie together disparate internal legacy systems. In the past most insurance processing systems had a transaction-oriented approach. Each interaction with a customer was a single transaction or interaction, like issuing a new policy or processing a claim. With the advent of streaming data, insurance companies have faster access to more information so they can assess customers more holistically as they evaluate risks and process claims against the policies insuring those risks. With streaming data, insurers can operate more efficiently, underwrite more accurately, prevent or reduce losses and offer new products and services.
Insurers Use Event Stream Data to Transform Services
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About the Author
SVP and Research Director
David Menninger is responsible for the overall direction of research on data and analytics technologies at Ventana Research. He covers major areas including artificial learning and machine learning, big data, business intelligence, collaboration, data science and information management along with the additional specific research categories including blockchain, data governance, data lakes, data preparation, embedded analytics, natural language processing (NLP) and IoT.