If there is a horizontal technology application other than predictive analytics being adopted by more members of the financial services sector, then Ellen Carney doesn't know what it possibly could be. “This is it,” says Carney, a senior analyst for Forrester.
The level of awareness of analytics in the insurance industry is surging, agrees Deb Smallwood, founder of Strategy Meets Action (SMA), but its full capabilities have yet to be realized. “Companies are experimenting with certain pieces, but the wave of usage and true benefits hasn't been seen yet,” according to Smallwood.
From an operational standpoint, carriers can look at how a customer or product is performing and prioritize that particular segment, indicates Carney. “The possibilities are available to insurers, but much of them remain untapped,” she says. “It's restricted only by innovation and imagination.”
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