In a time of meager growth and increased competition, insurers increasingly are looking to data and analytics for an edge, according to industry experts at ACORD LOMA earlier this week.
“Growth is going to come from competition for policyholders,” said Ben Moreland, senior business architect at Innovation Group in his presentation “Integrating Analytics: Improving on Insurance Core Systems and Processes.” Leveraging internal, external, structured and unstructured data to gain business insight into increased revenue, decreased expenses and improve the ease of doing business could offer a strategic differentiator that offers a path to growth in a difficult operating environment.
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