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Armed with unprecedented insight into risk, early adopters of predictive analytics focused on big-ticket policies and were able to carve out profitable niches that other insurers were unable to appropriately identify, assess, and price. (Photo: Shutterstock) Armed with unprecedented insight into risk, early adopters of predictive analytics focused on big-ticket policies and were able to carve out profitable niches that other insurers were unable to appropriately identify, assess, and price. (Photo: Shutterstock)

The combination of a constantly-growing universe of data and the adoption of increasingly sophisticated ways to analyze it is what’s driven the insurance industry transformation over the past decade.

In commercial lines, large insurance carriers paved the way in establishing precision risk assessment using predictive analytics. This created a highly competitive environment that divided the industry between the “haves” and “have-nots,” allowing larger players to gain considerable market share.

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