Insurers Use Event Stream Data to Transform Services

Systems central to insurance such as underwriting, billing, and claims processing have always produced abundant data, but that data has traditionally been siloed and hard to connect. Streaming data platforms provide the missing link to connect rich data to new mobile applications and website activity without requiring insurance organizations to modify their existing systems.

With event streaming, insurers can use streaming data to:

• Better enable mobile applications for everything from bill payment to claims processing
• Detect and reduce fraud
• Identify risk related to natural disasters by using location data from telematics and mobile applications
• Connect to smart home devices to alert policy holders to potential carbon monoxide or fire risks

These are just a few use cases, but the potential for event streaming to transform the insurance sector is enormous. Ventana Research recommends that insurance organizations exploit real-time streaming data to reimagine the services they provide and improve their bottom line.

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