We outline the market outlook for claims data enhancement in the P&C insurance industry — from investment trends and leading companies to recommendations for the players in the space.
What is claims data enhancement?
Claims data enhancement platforms bring together third-party alternative datasets, such as social media activity logs, public records, and demographic information. Insurers can tap into these data sources to augment their own internal and customer-reported datasets — with the goal of improving and expediting claims decisions.
Features & capabilities
Claims data enhancement provides property and casualty (P&C) insurers with several capabilities, including:
- Connections to multiple third-party sources
- Connections to insurer portals
- Automatic organization, deduplication, and standardization of claimant data
- Continuous monitoring
- Predictive scoring