“Predictive analytics continues to evolve as it applies to claims. Data mining and review of structured and unstructured data can provide insightful decision support for the claims professional’s analysis. It can be a powerful tool in early identification of severity losses.”
1. TOM NELSON, Vice President, Claims, Continental Western Group. CLM Fellow since 2010.
“Digitalization, customer experience, telematics, aerial imagery, and cyber are all significant trends, but an exploding, immediate epidemic is auto claims from distracted drivers. People: Put down your phones, figure out your new dashboard and onboard controls before you leave, and then, please, just drive!”
2. SCOTT JUREK, Vice President, Claims, Berkley Southeast Insurance Group. CLM Fellow since 2013.
“The impact that the explosion of ransomware claims made across multiple sectors this year have had in the world of cyber liability cannot be understated.”
3. STUART PANENSKY, Attorney, Traub Lieberman Straus & Shrewsberry. CLM Member since 2013.
“This year is turning out to be a perfect storm of negative claims factors with unexpected trends due, in part, to moderate fuel prices and a rise in auto claims frequency, which brings an increase in repair severity as well as total losses. Claims staff need to focus on estimating and total loss accuracy to minimize its impact.”
4. GREG HORN, Vice President of Industry Relations, Mitchell International. CLM Fellow since 2013.
90%
Percent of underwriters who think access to real-time claims data helps to price risk more accurately.
Source: Ordnance Survey
7 Million
Estimated number of commercial and hobbyist UAS sales by 2020.
Source: FAA
39.5 Million
Expected number of connected car system shipments in 2016.
Source: Statistica
82%
Percent who believe insurers that do not capture the potential of big data will be uncompetitive.
Source: Ordnance Survey
60%
Percent of large companies that don’t buy cyber insurance.
Source: Aon
$2.13
Predicted average price per gallon of gas in 2016—$2.27 /gal for 2017.
Source: U.S. Energy Information Administration