Where there is data, there is opportunity, said Brian Stoll, director, Property & Casualty practice, Towers Watson. Findings from a new Towers Watson survey indicate that P&C insurers are seeing those opportunities in their data; and according to the “P&C Insurance Predictive Modeling Survey” of small, midsize and large personal and commercial lines carriers, the capture and transformation of data into useful information has turned into a critical differentiator of performance within the marketplace.
Ninety-eight percent of personal lines carriers said predictive modeling is either essential, or very important, to their businesses, and 80 percent of small to mid-market commercial lines carriers agreed. Large commercial accounts and specialty lines carriers were less convinced overall, with 55 percent indicating that predictive modeling is essential or very important to their business.
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