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.

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