The insurance industry is being held back by poor data capture, substandard analysis and lack of integration between systems, Medicals Direct Group has said.
A survey conducted amongst senior underwriters and claims professionals at a recent Life Underwriters, Claims and Insurance Doctors (LUCID) conference found data capture and how it is used leaves significant room for improvement. The headline results were: • 43% said the data they generated had insignificant influence on their companies' protection market strategy • 63% said that their companies do not capture sufficient data to inform their underwriting and claims decisions • 50% believe that their companies should allocate more resource to IT and Data Analysis • 58% of respondents said...
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