Predictive analytics play a prominent role in the insurance industry today, and the benefits to the organization from proper utilization are plentiful. But despite the relative importance of analytics, many carriers still ponder where it's best put to use, who is ideally suited to spearhead and maximize the success of the effort, what is the potential impact and what resources are being used to accomplish this. To answer these questions, Insurance Networking News teamed with Mark Gorman, principal, Mark B. Gorman & Associates LLC, Minneapolis, to conduct exclusive research that queried property/casualty and life insurance carriers to uncover how insurers are using predictive analytics and business intelligence to create a more holistic predictive analytics decisioning methodology.
The breadth of carriers' responses came from companies of all sizes, with 56% of P&C respondents having fewer than $500 million in net written premiums, and 33% of life companies under $100 million. This is telling to Gorman, as he believes that interest and involvement in predictive analytics runs much broader in terms of carrier size than many people currently believe.
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