It’s no secret that insurers rely on sophisticated data analytics to improve underwriting accuracy and reduce the time it takes to assess a claim.
Recognizing this need, analytics firm LexisNexis recently rolled-out Nexis Data as a Service (DaaS) as a way for insurers and other finance professionals to power and streamline their predictive analytics and machine learning efforts.
Leveraging on decades of experience as a content aggregator, Nexis identifies and connects insurers with petabytes of information from a variety of sources, including global print, broadcast, and web news; social commentary; company and industry data; and regulatory and legal data. The information is enhanced by feature extractors and metadata from more than 7,000 subjects and industries.
Insurers and other financial organizations can benefit from the robust set of features that their DaaS provides, according to Todd Larsen (pictured), president at Nexis Solutions.
“Smart data discovery with Nexis DaaS is a powerful asset enabling companies to identify relevant datasets, decipher patterns, build and test models and distribute and operationalise data findings,” said Larsen.
“This will save time and resources and allow companies to gain new insights from data more quickly and efficiently than ever before.”
