The new and rapidly advancing science of big data analytics offer medical professional liability insurers the opportunity to absorb the massive amount of legal invoice data as it is being reported, take a deep dive into it, and, with the help of sophisticated algorithms, quickly derive valuable information that can be used to better understand and manage the claims process. The result is precise, actionable information that insurers can use to evaluate and manage their defense strategies.
Reprinted from the Fourth Quarter 2015 issue of Inside Medical Liability, Physician Insurers Association of America. Copyright, 2015.
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Big data analytics: A practical application for MPL insurers
How do medical professional liability insurers’ rising defense costs fit into the broader discussion regarding big data analytics?