Data as the Major Key Player in 2019 and Beyond

Looking at long excel spreadsheets of data and analytics has to be one of the most boring and unexciting things, right? How do you even begin to interpret the long rows and columns of numbers, percentages, ratios, etc.? While all these numbers and data may seem confusing and monotonous, to insurance companies it is like striking gold in a mine. 

Within the last few years, data has suddenly become a huge, integral part in business. The business analytics field is thriving with more jobs and growth opportunities than ever before, merely because more and more companies and industries are using these numbers and facts to gain a competitive advantage over their competitors. For insurance companies, they can use the data to better predict risk, create estimates, improve efficiency for internal processes, provide better customer service, and reduce fraud through better identification techniques, just to name a few. Insurance companies use these exorbitant amounts of data to their advantage trying to better understand and improve their operations. 

It can be very stressful and quite a hassle to handle filing a homeowner’s property insurance claim. Insurance companies are oftentimes difficult to deal with because they require proper documentation and/or proof of the event, accident, or damage. Insurance companies push for correct documentation so they can record the evidence as data and later use it by having accurate records, and by predicting future events. By having factual data and analytics to back up a situation, this will be beneficial for the homeowner and the insurance companies to ensure that everything is resolved accurately. 

Insurance companies collect analytics through the use of technological advancements such as drones and home system security cameras. For example, insurance companies and contractors, or anyone in the industry alike, are popularizing the use of drones to inspect home and property damage. These drones are high-tech and provide high-resolution photos and images of the damage and situation. Along with photo-graphical proof of the damage, drones can also provide exact measurements of the damage, and compile reports to summarize the damage findings. 

The push and use for data is the new trend in insurance companies that will only seemingly become more and more important. The knowledge these data dumps provide are going to benefit both homeowners and insurance companies. It should be interesting to see as time goes on the different ways data is used and processed, but nonetheless it will likely continue to be a major key player within this industry moving forward. 

As such, RoofClaim.com is committed to innovating and building technology, contractor networks, and relationships with insurance companies. RoofClaim.com embraces change and continuously looks for ways to benefit the homeowner as well.

 

 

Sources & Links:

Rana, Manjit. “Please Sir, EE Just Stole My Lunch!” InsurTechNews, 15 Oct. 2019, https://insurtechnews.com/insights/please-sir-ee-just-stole-my-lunch.

https://insurtechnews.com/insights/please-sir-ee-just-stole-my-lunch

 

“Big Data.” Big Data, 24 May 2019, https://content.naic.org/cipr_topics/topic_big_data.htm.

https://content.naic.org/cipr_topics/topic_big_data.htm

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