Constructor - November/December 2017 - 45

Harnessing
Expensive Insurance Claims with

GARRYKILLIAN/SHUTTERSTOCK.COM

Big Data

BY PARKER RAINS
VICE PRESIDENT, FISHER BROWN BOTTRELL INSURANCE
THE AMOUNT OF DATA we produce is

astonishing. In 2016 alone we produced
as much data as in the entire history of
humankind through 2015, according to
Scientific American. We hear the words
'big data' often, but do we really know
what these words mean? And how does
big data affect the construction industry?
For businesses, big data refers to the
ever-increasing amount of digital information that companies generate and store.
From an insurance standpoint, the mass
amounts of data collected about a company's claims can be invaluable - if you
know what to do with it.
@Constr uctor Ma g

Brokers have relied on collecting and
analyzing data for decades, but recent
technological advances have led to skyrocketing volumes of data and data types.
As the amount of data produced continues
to grow, it's no surprise that the number of insurance carriers using big data
techniques in their pricing, underwriting
and risk selection processes is expected to
grow from 42 percent in 2015 to 77 percent in 2018, according to a Willis Towers
Watson report.
This big data gives insurance brokers a
glimpse into the biggest risks a construction company faces so that they can advise

on how to make smarter decisions to mitigate those risks, and therefore lessen the
potential for costly insurance claims.
Here are three specific areas where big
data can be mined for trends that could
lead to potentially lower business insurance costs:
* Types of claims: In reviewing company data, it's important to look for
trends that show what particular types
of claims are reported most frequently.
For example, say that in analyzing data,
your broker tells you that your company
has had 25 workers' compensation
claims from employees who slipped or

NO V E MB E R / D E C E MB E R 2 0 1 7 | www.constructormagazine.com 45


http://www.constructormagazine.com

Table of Contents for the Digital Edition of Constructor - November/December 2017

Editor’s Note
President’s Message
CEO’s Letter
Big Plans in the Big Easy
The Workforce Shortage Report
Simonson Says
Sundt Partnering With Central Arizona College to Address Skilled Worker Shortage in Arizona
Strategic Scaffolding
Inside AGC
Versatility: The Name of the Concrete Game
Construction Corner
Green Is the New Black
Technology Toolbox
A Diamond in the Rough
Harnessing Expensive Insurance Claims With Big Data
2017 Software Services Guide – a Special Advertising Section
Index to Advertisers
Constructor - November/December 2017 - intro
Constructor - November/December 2017 - cover1
Constructor - November/December 2017 - cover2
Constructor - November/December 2017 - 3
Constructor - November/December 2017 - 4
Constructor - November/December 2017 - 5
Constructor - November/December 2017 - 6
Constructor - November/December 2017 - Editor’s Note
Constructor - November/December 2017 - 8
Constructor - November/December 2017 - President’s Message
Constructor - November/December 2017 - 10
Constructor - November/December 2017 - CEO’s Letter
Constructor - November/December 2017 - 12
Constructor - November/December 2017 - Big Plans in the Big Easy
Constructor - November/December 2017 - The Workforce Shortage Report
Constructor - November/December 2017 - Simonson Says
Constructor - November/December 2017 - 16
Constructor - November/December 2017 - Sundt Partnering With Central Arizona College to Address Skilled Worker Shortage in Arizona
Constructor - November/December 2017 - Strategic Scaffolding
Constructor - November/December 2017 - 19
Constructor - November/December 2017 - 20
Constructor - November/December 2017 - 21
Constructor - November/December 2017 - 22
Constructor - November/December 2017 - 23
Constructor - November/December 2017 - 24
Constructor - November/December 2017 - Inside AGC
Constructor - November/December 2017 - Versatility: The Name of the Concrete Game
Constructor - November/December 2017 - 27
Constructor - November/December 2017 - 28
Constructor - November/December 2017 - 29
Constructor - November/December 2017 - 30
Constructor - November/December 2017 - Construction Corner
Constructor - November/December 2017 - Green Is the New Black
Constructor - November/December 2017 - 33
Constructor - November/December 2017 - 34
Constructor - November/December 2017 - 35
Constructor - November/December 2017 - 36
Constructor - November/December 2017 - 37
Constructor - November/December 2017 - 38
Constructor - November/December 2017 - Technology Toolbox
Constructor - November/December 2017 - 40
Constructor - November/December 2017 - A Diamond in the Rough
Constructor - November/December 2017 - 42
Constructor - November/December 2017 - 43
Constructor - November/December 2017 - 44
Constructor - November/December 2017 - Harnessing Expensive Insurance Claims With Big Data
Constructor - November/December 2017 - 46
Constructor - November/December 2017 - 47
Constructor - November/December 2017 - 48
Constructor - November/December 2017 - 2017 Software Services Guide – a Special Advertising Section
Constructor - November/December 2017 - 50
Constructor - November/December 2017 - 51
Constructor - November/December 2017 - 52
Constructor - November/December 2017 - 53
Constructor - November/December 2017 - Index to Advertisers
Constructor - November/December 2017 - cover3
Constructor - November/December 2017 - cover4
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