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Virtual Viewpoint: Turning Data into Decisions

Overall, the insurance industry lags considerably behind other financial services in sorting through the mounds of information they possess to make insightful decisions. The industry should receive an A for aspiration, finally embracing the value of analytics and beginning to invest significant resources to the process. At the...

By Frank Cacchione | Updated on May 22, 2012

Question: How effective are insurers at sorting through mounds of information and turning that allow them to make insightful decisions?

Overall, the insurance industry lags considerably behind other financial services in sorting through the mounds of information they possess to make insightful decisions.  The industry should receive an “A” for aspiration, finally embracing the value of analytics and beginning to invest significant resources to the process.  At the same time the industry should receive no more than a “C” for how effectively it has integrated analytics into daily processes around underwriting, claims and customer service.

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