In a perfect world–with an economy to match–predictive analytics and modeling solutions would be all over the insurance technology landscape. Sadly, we are a long way from perfection, and analytics, in its many forms, has to be satisfied with a slightly slower pace.
"It's creeping along in terms of acceptance among insurance carriers," says Karen Pauli, research director for TowerGroup. She maintains the financial services meltdown put a kink in everyone's plans but believes adoption by many carriers is moving along.
What excites insurers about predictive analytics is the variety of ways it can be used. Once thought to be the domain of reinsurers looking to avoid catastrophes, analytics has wound its way around the enterprise. Carriers are utilizing solutions to improve pricing performance, underwriting, marketing, claims, and customer relations.
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