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Many of the best technology tools that have improved performance among insurance carriers have multiple layers of productivity and nowhere is that more evident than in the use of predictive modeling and analytics. Today, not only are models assisting insurers in their ability to predict outcomes, the analytical tools are also helping carriers prevent greater losses in areas ranging from workers’ compensation to catastrophes.

As one analyst sees it, the use of predictive modeling and analytics allows carriers to “up their game,” according to Bill Jenkins, a consultant with Agile Insurance Analytics. Modeling enables insurers to not just compete with others in their market, but to grow their business as well, adds Jenkins. The bad news, though, is most insurance carriers still have a long way to go to attain the real value that this technology presents to the industry. 

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