McKinsey reports that insurers who employ advanced data analytics can see their loss ratios improve from 3% to 5%, their business premiums increase 10% to 15% and customer retention in profitable segments jump from 5% to 10%. McKinsey reports that insurers who employ advanced data analytics can see their loss ratios improve from 3% to 5%, their business premiums increase 10% to 15% and customer retention in profitable segments jump from 5% to 10%. (Photo: metamorworks/Adobe Stock)

Editor’s note: In part 2, the importance of taking a broader view of the industry through the use of data analytics was emphasized and the key to pivoting in today’s rapidly evolving post-pandemic insurance market. In part 3, the final installment in our series, we will connect the dots and lay out the best action plan for future success and profitability in 2023 and beyond. The initial installment of this series can be read here

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

© 2024 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 © 2024 ALM Global, LLC. All Rights Reserved.