Data strategies are not universal throughout the insurance industry. The number is sometimes seen as being equal to the lines of business offered in the industry, according to Karen Pauli, research director in TowerGroup's insurance practice.
"It depends on the product line," says Pauli. "If you take a look at the personal lines, I think most carriers have come up with some level of strategy to handle getting at the data."
Many personal lines insurers have replaced or are in the process of replacing core administration systems or developed a strategy to wrap their core systems with business intelligence or analytics tools so they can use their data.
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