The use of analytics among P&C insurers has slowly evolved from strictly a risk-centric approach to business to include a focus on customer-centric data, according to Mark Breading, a partner in the research and consulting firm Strategy Meets Action and the author of a study on the subject, “Data and Analytics in Insurance: Property and Casualty Plans and Priorities.”
“Analytics is the basis for competitive advantage going forward—understanding your data, getting insight and acting upon it,” he says.
Breading reports he was conducting a roundtable recently with some insurers and the topic was the customer experience.
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