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. And, benefits are starting to roll in from early projects in areas like customer segmentation, new business, and underwriting profitability. Now, insurers are moving on to applying analytics in more areas, like CRM, risk analysis, underwriting operations, fraud, and profitability analysis.

“The analytics capabilities that have been in place over the past several years are already bearing fruit, leading many insurers to expand into other business areas,” says Mark Breading, SMA partner and report author. “While there are many factors influencing results in areas such as underwriting profitability and customer segmentation, the analytics projects have contributed to the industry improvements in these areas.

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