Thanks to a compelling business case and a proven track record in banking and other industries, a growing number of forward-looking life insurance companies have embraced predictive modeling and are seeing tangible benefits from initial investments in new tools and processes.
To date, predictive modeling in the life insurance industry has primarily been considered for underwriting because of the cost savings and increased speed-to-issue. However, it's now gaining traction in other areas and functions, such as sales and marketing programs, where the value proposition is similarly clear. If the experience of the property and casualty (P&C) insurance sector is any indication, the growing adoption by life insurers should come as no surprise. Indeed, there is a pervasive sense among life insurers that predictive modeling's time has come.
Lessons from the P&C Sector
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