Insurers learning to prioritize data quality, analytics

A recent study revealed that claims professionals and the overall insurance industry will likely focus on data quality issues in 2013 to eliminate wasted expenses and improve customer experience. By using analytics and other advanced tools, decision-makers can gain greater insight into operations and develop unique strategies to mitigate concerns.

Unfortunately, the survey revealed that more than 40 percent of insurance claims professionals are not using business intelligence solutions to their advantage. As a result, firms are unable to eliminate expenses or improve customer interactions.

"It is critical that claims professionals gain insight into the universe of data flowing through their organization and harness this information to more effectively serve their customers and grow their business," insurance solutions consultant Michael Chochreck said.

In addition to using inappropriate tools, the study found that agencies often cannot locate the necessary staff to improve operations. This concern was echoed in another report by InformationWeek, which said the skills gap will likely be a problem in the coming years until IT supply is able to meet the growing demand. In the meantime, firms should adopt innovative tools, focus on data quality and make due with what they have.