Different from data mining and reporting because of its forward-looking objective of predicting outcomes, P&C insurers use analytics to target underwriting and claims, and to detect fraud.

More and more, insurers are looking to incorporate predictive analytics to achieve business results.

“Over the last two years the pace of change has increased,” says Steve Kauderer, partner in Bain & Co.’s Financial Services practice in its New York office. “The identification of both internal and external data to use in analytics has increased, and the ability to link and bring disparate groups of information together has grown.”

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