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Most carriers leveraging data, analytics for pricing decisions

In addition to pricing, improving the customer experience is another way insurers are pulling value from data.

When it comes to embracing an analytics-first approach, insurers reported not having a data-driven culture is the biggest challenge they face. Additionally, having multiple systems and vendors to integrate and product-centric system silos were also cited as major hurdles. (Credit: Gorodenkoff Productions OU/stock.adobe.com) When it comes to embracing an analytics-first approach, insurers reported not having a data-driven culture is the biggest challenge they face. Additionally, having multiple systems and vendors to integrate and product-centric system silos were also cited as major hurdles. (Credit: Gorodenkoff Productions OU/stock.adobe.com)

When it comes to creating value from data, insurance companies find that leveraging it to build actuarial pricing models brings the biggest returns, according to a survey by Equisoft and Celent, which revealed 91% of carriers use data and analytics to make pricing decisions.

Automating underwriting decisions, assessing customer satisfaction, gauging agent effectiveness and policyholder retention round out the top five areas carriers are finding value from the data they collect.

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Steve Hallo

Steve Hallo

Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected].  

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