Organisations often have enough of a challenge just analysing internal data from multiple and disparate data sources. But you all must go one step further and query & analyse relevant external data.
If a motorist's motor insurance claim states that the weather was wet and slippery you must be able to check the external weather forecast. If wet and windy it ads credibility to the claimant. If dry it is a red flag that the claim is potentially fraudulent.
Many claims for whiplash come from solicitors a suspiciously short distance from:-
- A vehicle body shop
- A second hand car dealer
- A scrap yard
These businesses are a mini fraud ecosystem and just adding a Google Street view search to any injury of vehicle crash claim will add immensely valuable information to weed out potential fraud
Businesses need to be willing to experiment with free and sometimes unreliable data sources. The breaking down of corporate data silo mentalities is happening, but not nearly as quickly as the opportunities and market are developing. Ideas relating to multi-source data and a holistic view of data date back many years, but the reality of the business environment is making progress somewhat slow. To better navigate these obstacles and leverage external data sources, companies can take the following steps: Ensure that data sources are not the exclusive responsibilities of individual departments. Silo mentalities cripple the ability of enterprises to act on multi-source data. Utilize software that allows companies to bring data together at low-cost to make discovery easier. Test these areas in small ways first, and then expand. Gaining acceptance takes time.