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Analysis

What the insurance industry needs in 2023 - Part 3

The pandemic introduced worries, momentum and challenges that were bigger than companies had dealt with before. The ability to recognize where we stand can no longer take months.

By Bill Madison | March 01, 2023 at 12:51 AM
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. 

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