Predictive analytics "is still regarded as an innovation" in life and health insurance, according to a survey by life and health reinsurer Gen Re.
For the purposes of its study, Gen Re defined predictive analytics as “statistically rigorous techniques (beyond conventional actuarial experience analysis) that are applied to data to model or predict future outcomes.” The company surveyed 136 fellow insurers in those lines of business and found that only about one in five (22%) currently use predictive analytics, with 46% having no plans to implement the technology over the next two years. The most popular business applications were sales and marketing, with 40% each, followed by underwriting, for 30%.
Register or login for access to this item and much more
All Digital Insurance content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access