By rethinking predictive analytic models now, insurers can become more resilient to not just the immediate challenge of COVID-19, but also to the much longer-tail impact of climate change and other unforeseen risk-driving events. (Credit: Rymden/Shutterstock.com) By rethinking predictive analytic models now, insurers can become more resilient to not just the immediate challenge of COVID-19, but also to the much longer-tail impact of climate change and other unforeseen risk-driving events. (Credit: Rymden/Shutterstock.com)

No big data sets, predictive analytics or machine learning could have predicted the current state of affairs. COVID-19, of course, captures the imagination. This makes it easy to forget the enormous insured losses from natural disasters this year, as well. So with the world in such a state of flux, what does this mean for predictive analytics used by insurers?

In the pre-pandemic world, insurers were making huge investments in their predictive analytics capabilities. For example, a report by Willis Towers Watson last year found that 70% of life insurers surveyed in North America were deploying predictive analytics.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?


NOT FOR REPRINT

© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2023 ALM Global, LLC. All Rights Reserved.