Solutions for Insurance
Insurers recognize technologies developed over 30 years ago are constraining their ability to drive growth as well as meet the avalanche of new regulatory requirements. With MarkLogic’s flexible Enterprise NoSQL database with built-in search engine and web services, Insurers are able to generate reliable, scalable, and secure Big Data results – lowering their costs without adding additional resources.
Enterprise Agility for Insurance Organizations
Insurers have long faced a complex regulatory environment, but changes in recent years have added significantly to this complexity and variety. With MarkLogic, Insurers can aggregate complex, disparate, high-volume data. Key features such as ACID transactions, horizontal scaling, real-time indexing, high availability, disaster recovery, government-grade security, and built-in search make it easy to build applications that provide critical real-time information and analytics.
Insurance organizations turn to MarkLogic over other technologies to:
- Integrate structured, semi-structured and unstructured information – from claims data to physician notes to social media comments and more that enable organizations to gain new insights from their information and reduce fraudulent claims.
- Reconfigure offerings and agilely introduce new products because more informed decisions result from searching aggregated data.
- Create applications faster that provide critical real-time information and analytics.
- Leverage MarkLogic’s government-grade-security features included in the NoSQL database.
Claims Management – Insurers need to correlate data on the insured’s application, claims history, etc. and consolidate all the data pertinent to the claim. MarkLogic enables insurers to aggregate the disparate silos of information as well as aggregate structured data with semi and unstructured data such as adjusters’ notes, social media comments by the claimant, auto repair bills, and other information relevant to the claim.
Regulatory Compliance – Even compared with banking, the insurance industry has an overwhelmingly complex regulatory framework. Insurance organizations using MarkLogic have the ability to manage and mitigate risk, reduce data quality issues, improve capital allocation, and manage multijurisdictional compliance with an enterprise grade database that enables them to manage exposure in real-time plus eliminate the need to copy information to multiple systems.
Rapid New Product Deployment – The need to deal with diminishing margins while fighting for market share in contracting markets while concurrently searching for ways to reduce costs has created opportunities for organizations that can leverage their Big Data. MarkLogic enables Insurers to manage the volume, velocity, variety, and complexity of the industry.
Faster and More Flexible Insurance Applications
The emergence of digital trends has accelerated the volume, velocity, and variety of unstructured information referred to as Big Data. MarkLogic provides the flexibility to handle the Big Data – in terms of processing speed in addition to the extensibility of handling the content and specific formats that insurance companies deal with.
MarkLogic’s Enterprise NoSQL database includes tools for fast application development, powerful analytics and visualization widgets for greater insight, plus the ability of in-database MapReduce to create user-defined functions for fast and flexible analysis of huge volumes, varieties, and velocities of data.
How Insurers Benefit from MarkLogic
- Bridge data silos to quickly and efficiently combine client information from multiple locations without “ripping out and replacing” existing infrastructure.
- Securely deliver real-time information that facilitates information sharing by moving data closer to users.
- Check enrollment or claim information against watch lists or profiles in real time to reduce fraud.
- Develop applications in weeks versus months or years, and scale out on cost-effective commodity hardware.
Click on the following links to download MarkLogic Express and review the guides for Search development and Application development.
- Download for free MarkLogic Developer License
- Learn how to get started using MarkLogic
- Check out MarkLogic development tools
- Read about our fraud solutions in our blog
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