A number of recent articles in the insurance industry press indicates that the concept of real-time (and even predictive) analytics via CEP is becoming more widely understood and adoptedâ€¦It makes perfect sense to me that Insurance companies can utilize Complex Event Processing in the underwriting and risk analysis part of their business. After all, underwriting is all about prediction, right?
The articles go into sundry details about insurance companies understanding the limitations of current batch-based analytics products, and how CEP has provided useful application for their companies; but surprisingly missing in the articles are stories about how insurance companies are using CEP for detecting insurance fraud, an area which has been problematic, to say the least.
Maybe in reality companies are doing this already, but donâ€™t want to, or are forbidden by their PR departments to talk to the press about it. But it makes even more sense to me and is really a great example of how monitoring insurance related events with the speed and granularity of CEP can help to solve one of the biggest headaches insurance companies face.