The insurance industry is in the middle of a data and analytics arms race, with carriers building ever-more-powerful information systems in an attempt to manage risk better than their competitors.
Tag: Predictive analytics
Big data and analytics have become more embedded than ever in the insurance industry as insurers look for edges across the business. According to a recent survey from Strategy Meets Action, “Data and Analytics in Insurance: 2016 and Beyond,” 86% of P&C insurers in North America have a strategic initiative in place for enterprise data and analytics.
Launching an effective digital analytics strategy is a must-do to understand your customers. But many organizations are still trying to figure out how to get business values from expensive analytics programs. Here are 5 common analytics mistakes that can kill any predictive analytics effort.
Twenty-one years ago, Michael Treacy and Fred Wiersama, two respected management consultants, published a book called The Discipline of Market Leaders. They boiled down market success as coming from three important factors:
Social media is not expected to play a large role in insurers’ future big data plans, according to a study released by research-consulting firm Celent earlier this month.