Companies in the insurance industry have always possessed a great deal of data, primarily frompolicy, billing and claims systems.

New real-time data sources — such as wearables, connecteddevices and social media streams — are increasingly availableto add behavioral and contextual data for deeper assessment.

Advanced analytics

With the modernization of core systems, increasing affordability oflarge compute power and newer analytical tools such as machine learning, insurance carriers andbrokers are primed to do more than traditional risk analysis.Advanced analytics allow them to identify new revenueopportunities, enhance customer and agent experience, assessoperations for improvement and improve controls. Yet, our recentsurvey revealed that organizations are not fully realizing thebenefits of analytics — even though they inherently recognize thepotential to lift their businesses.

This article highlights some key findings from the onlinesurvey, conducted in the Fall of 2016, and published in the report,"Data Driven Insurance: Harness Disruption and Leadthe Way." Executives from 122 companies representing brokersand carriers in the property and casualty and life and annuitysectors completed the survey.

Few taking full advantage of data andanalytics

Just 11 percent of survey respondents agreed strongly that theirorganization is realizing the full benefits of advanced analytics.Just under half (46 percent) agreed somewhat.

Continue Reading for Free

Register and gain access to:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.