Applications of Big Data in Healthcare - Part 2
Underwriting is one of the business areas where big data will find a useful application. Underwriters while evaluating the membership data usually face the following challenges.
· Whether the member has disclosed the data correctly and adequately in order to evaluate the insurability risk accurately
· How to account for the maximum possible factors that affect the health condition of the member in the evaluation of insurability risk
· How to derive the required intelligence from the huge amount of data available which most of the time are left unaccounted for
Huge amount of unstructured data which affect the health condition of a member are available at different sources. Some of these data can also be publicly available which include - the various social engagements of an individual and life style of individual (group as well as individual). The size of the data usually runs into petabytes or even zettabytes of data. It is almost impossible for the underwriters to draw any inference from the data unless aided by an analytics tool. The healthcare payers can no more ignore these data as they have a crucial bearing on the health condition of a member who is asking for insurance coverage.
The additional information derived from these unstructured data with the help of big data analytics will prove to be useful as supplementary information in addition to the experience data available with the healthcare payers.