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.
|Data for good
Educating the industry has always been important and never more so than in today's environment. The goal is to help insurers with the knowledge of the consumer benefits of data from the point of marketing to the point of claim — what data is used and what data is not used in determining how much each of us pays.
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