Gathering, storing, and evaluating data are key components of analytics. However, gleaning actionable insights from the data is where the true value lies. Identifying trends, predicting potential areas of concern, and monitoring performance are all ways data analytics can provide value in risk management. In our experience, as a technology leader in the industry, it is evident that those who leverage analytics outperform their peers from a total cost of risk, claim efficiency, and employee satisfaction perspective.
To better understand the issues surrounding “Big Data” and the value of data analytics in the industry, CorVel sponsored a survey of risk and claims management professionals to evaluate their current use of data and their level of interest in advanced analytics.