The use of analytics in insurance companies simplifies the decision-making of pricing strategies and risk selection so carriers can progressively deploy prescriptive methods of procuring deep insights from big data to ensure impactful outcomes. In the wake of COVID-19, insurers are realizing the significance of precisely predicting imminent changes and developing accurate “what-if” models. According to Willis Towers Watson, more than two-thirds of insurers credit predictive analytics with reducing issues and underwriting expenses, and 60 percent say the resulting data has helped increase sales and profitability.
From a day-to-day perspective, advanced analysts and IT departments implement data analytics to sync with recent technological expansions in the industry. Having a finger on the nerve of emerging trends allows insurance firms to identify the advancements they can capitalize on and streamline their product delivery strategies up to the demands of the current market. Looking ahead, predictive analytics is poised to enable insurers in forecasting events and gaining actionable insights into all aspects of their businesses, driving the creation of a market where data becomes an asset that can be the competitive edge needed to win out against contemporaries.
This edition of Insurance CIO Outlook presents some of the most promising insurance analytics solutions providers. The edition includes thought leadership articles from Marcus Knuth, Vice President-Enterprise Technology at Acuity Insurance, Chris Eberly, VP at Life IT, Lincoln Financial Group, and Marta Magnuszewska, Senior Director (VP) of Claims Analytics at Markel. It features the insurance data expert Percipience, which offers insurance data solutions on all three major public cloud offerings. It also showcases innovative companies like CLARA Analytics which is keen on building product platforms that are ML-driven, easy-to-use, and deliver high performance.
