Being a leader in advanced analytics today isn’t just about technique, it’s also a matter of mindset. Leaders today maximize the potential of data and automation in underwriting and claims. This is a conscious and constant endeavor — data doesn’t just fall into their laps — they are willing to pay for it and test it. (Credit: WrightStudio/Stock.adobe.com) Being a leader in advanced analytics today isn’t just about technique, it’s also a matter of mindset. Leaders today maximize the potential of data and automation in underwriting and claims. This is a conscious and constant endeavor — data doesn’t just fall into their laps — they are willing to pay for it and test it. (Credit: WrightStudio/Stock.adobe.com)

“Advanced analytics” can be a subjective term. What really qualifies as the “advanced” use of analytics in P&C today? Is it a matter of technique or mindset?

While the answer is both, a data-driven culture inevitably determines a company’s proficiency in the use of advanced analytics. Data is nothing without analytics, and “advanced” analytics is sophisticated math — the ability to reveal and find correlations and patterns in data. Put together, though, they are a company’s secret sauce and can yield a resounding competitive edge.

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