Insurers Use Event Stream Data to Transform Services

Streaming data is transforming how insurance companies provide their services. It can offer critical information needed to underwrite risks with better information, detect and prevent fraudulent claims, deliver world-class customer service and tie together disparate internal legacy systems. In the past most insurance processing systems had a transaction-oriented approach. Each interaction with a customer was a single transaction or interaction, like issuing a new policy or processing a claim. With the advent of streaming data, insurance companies have faster access to more information so they can assess customers more holistically as they evaluate risks and process claims against the policies insuring those risks. With streaming data, insurers can operate more efficiently, underwrite more accurately, prevent or reduce losses and offer new products and services.