The insurance industry has developed into a perfect storm of increased competition, lackluster investment income, high consumer expectations, and a diversifying market. This combination of factors is making it difficult for many insurers to show consistent profits.
To help insurers improve their performance through the use of analytics, PropertyCasualty360.com is presenting a free Web seminar on Wednesday, March 30, at 12 noon ET. Speakers include Jim Dean, vice president of Robert E. Nolan Co., and Joel Reott, director of actuarial and product development for the Georgia Farm Bureau Mutual Insurance Co.
With an abundance of data now available to better understand these dynamics, translating that data into action has become increasingly critical and complex.
Fortunately analytics technologies and management practices have evolved greatly in just a few short years, enabling innovative companies to transform valuable data into information for action. Insurers are now able to refine business models, products, and tactics in a fraction of the time it once took.
These new capabilities are improving insurers' performance, lowering loss ratios and increasing profitability by:
- Optimizing the claims process
- Strengthening underwriting
- Fine-tuning pricing
- Differentiating market segment profitability
Dean is vice president of the Robert E. Nolan Co., and a member of the firm's executive team. He has focused his career in the insurance, healthcare, and banking industries, domestically and internationally.
Dean provides industry-level thought leadership through papers and speaking in such areas as business and IT strategy development, program and project management, advanced underwriting solutions, and consumer-directed dealthcare.
Reott graduated from Georgia State University with a BBA major in Actuarial Science and holds a Masters in business from Georgia College and State University.
He has worked as an actuary for 33 years—the last 24 at Georgia Farm Bureau Mutual Insurance—where he is the director of actuarial and product development. Previously, he worked in regulation (as the actuary for the Oklahoma Insurance Department) and for a stock company as the actuarial manager.
Reott has earned the CPCU designation, is a CSF with the Association of Insurance Compliance Professionals, and has the Associate in Regulation & Compliance designation and the Associate in Reinsurance designation from the Insurance Institute of America.
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