How predictive analytics can improve claims outcomes
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If insurers could somehow forecast the future, what a safer, more productive, and more profitable future it might become. Loss prevention departments could greatly reduce both claim frequency and severity, while growth could be focused to mitigate catastrophe risk.
While we await a crystal ball, all kinds and sizes of losses are taking place. The good news is that tools are now available to help shine a light on important issues within the insurance industry.