Big data, predictive analytics and artificial intelligence are reshaping insurance underwriting, marketing and claims handling. Fighting fraud may be the most advanced use of these tools and is often the most championed.
However, without appropriate regulation and transparency, these same tools can unfairly target individuals and companies, with potentially grave consequences. The most frequent and promising use of these tools appears to be the analysis of particular claim. Data analytics companies and insurers are developing a far deeper and more comprehensive understanding of potential connections among individuals and claim service providers, types of claims, and how and where they occur.