{"id":26557,"date":"2019-04-03T16:41:48","date_gmt":"2019-04-03T21:41:48","guid":{"rendered":"https:\/\/centricconsulting.com\/?p=26557"},"modified":"2022-08-30T11:11:52","modified_gmt":"2022-08-30T15:11:52","slug":"data-in-insurance-how-real-is-the-need-for-real-time","status":"publish","type":"post","link":"https:\/\/centricconsulting.com\/blog\/data-in-insurance-how-real-is-the-need-for-real-time\/","title":{"rendered":"Data in Insurance: How Real is the Need for Real Time?"},"content":{"rendered":"
Part of a blog series.<\/em><\/a><\/p>\n Doing things better and faster has been a human quest since the beginning of our intellect. This quest gave us our first stone tool and wheel and led us to develop supersonic jets<\/span>.\u00a0<\/span>\u00a0<\/span><\/p>\n The same is true for our eagerness to understand and u<\/span>se<\/span>\u00a0data instantaneously and convert it into actionable information. <\/span>With \u202faccess to large processing and storage resources, our ability to act on information in real time has become the new frontier of innovation<\/a>.<\/strong><\/p>\n First,\u00a0<\/span>let’s<\/span> clarify how real<\/em> real time truly is<\/span>.<\/span>\u00a0<\/span><\/p>\n That depends on the context you want to use it for. Similar to the fact that there is truly no <\/span>\u2018unstructured data\u2019 (not \u2018yet\u2019 structurally understood data), <\/span>there is no true \u2018real-time\u2019 data either. It\u2019s just near real-time. <\/span>When we talk about real-time data or real-time systems, we are essentially talking about systems\u00a0<\/span>that allow<\/span>\u00a0you to \u2018work\u2019 or\u00a0<\/span>use data before actually\u00a0<\/span>storing\u00a0<\/span>it.\u00a0<\/span>In other words, real time denotes our ability to use data as soon as it arrives, rather than storing it first and analyzing it in the future.<\/strong> This is the primary significance of the term real-time, using data in the present rather than in the future.<\/p>\n If we look at this through the lens of the insurance industry, we see a need for data to be available a lot faster for us to use it, but as with any other industry, this need is not equal for all use cases. <\/strong>For example,\u00a0<\/span>financial and statistical reporting are\u00a0<\/span>more like snapshots in time<\/span>. S<\/span>o, their timeliness needs ar<\/span>en\u2019t necessarily real-time. They\u2019re more<\/span>\u00a0like\u00a0<\/span>e<\/span>nd-of-<\/span>day<\/span>,<\/span>\u00a0<\/span>week<\/span>\u00a0or\u00a0<\/span>month<\/span>.<\/span>\u00a0<\/span>\u00a0<\/span><\/p>\n Whereas agents and adjusters in the field need a timelier turnaround \u2013 within seconds or minutes \u2013 on the status and feedback of a claim.<\/p>\nWhat is Real-Time,\u00a0Really?<\/h2>\n
Real-Time Data in Insurance<\/h2>\n
That’s not happening today. Here’s how you solve this dilemma:<\/h3>\n