How far will use of advanced analytics be embedded into the decision-making process at insurance companies in the coming years? According to a survey of attendees at the International Insurance Society’s Annual Seminar in Toronto, pretty far.
The question of whether insurers are likely to transform data gleaned from emerging Big Data technologies into actionable insights was posed by Jamie Yoder, principal, PricewaterhouseCoopers LLC's Diamond Advisory Services, during a presentation of his new research paper, Future of Insurance 2020. Yoder presented the attendees with five separate scenarios regarding the use analytics. The continuum ran from a rejection of the technology due to a glut information, to a scenario where data-driven decision making becomes the norm. Attendee responses congregated on the latter side of the spectrum, with 49% indicating that they expected use of sophisticated analytics to become the key determinant of competitive differentiation for insurers in the future. Moreover, 14% went further and indicated that they expect that analytics progresses to a point where all key decision-making has been automated and insurers shift attention from traditional underwriting toward preventative and productivity gains.
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