This video describes the conflict between insurance systems and sentence data. Additionally, there is an opportunity for insurance executives to measure, manage and price risk faster and better.
Let’s consider a common episode in risk and insurance.
People get injured every day … and when claims are filed, insurance claim adjusters want to know: WHAT HAPPENED, WHEN, WHERE and HOW?
People describe the facts and circumstances as they recall them.
Claim adjusters record this information as written narrative that becomes Sentence Data.
As claim adjusters continue gathering facts and making critical decisions, they create a lot of sentence data.
However, claim admin systems require adjusters to select codes that represent all of the sentence data – meaning only a tiny percentage of information is captured.
However, this tiny percentage produces management reports, … meaning executives miss enormous amounts of critical information that directly impacts profitability, growth and success.