Claims and legal executives have never felt more pressure to focus on the future. You’re constantly being told to innovate.

Executive Summary

Talk of insurance innovation can be overwhelming for insurance company executives. If you break down this innovation into three opportunities, however, you'll find that the goal of innovation is much more attainable, according to CaseGlide founder Wesley Todd. In the second part of a three-part series, Todd discusses how carriers can use descriptive analytics to innovate their claims departments. The full article, "The Three Ways Technology Can Transform Claims and Legal Expenses Into Valuable Assets," will be published in the next edition of Carrier Management.

You keep hearing it: If you don’t use technology to predict the future, industry outsiders are going to take over the insurance industry with their powerful software. You also keep hearing that one day Google and Tesla will announce product launches that shake up the entire industry.

Rather than try to think like Google and Tesla, you should take a step back and think how you might be able to compete with them. What’s your advantage? What do you have that those companies do not?

You have data.

Rather than focus on the future, focus on the past. Turning information into intelligence is no easy task, but it may be your only chance at survival in this rapidly changing insurance industry. Forget about predictive analytics and cosmic models. Let’s start with the powerful advantage you have that you can and should start exploiting today.

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