"The insurance industry is maturing," says Mark Gorman, CEO and founder of The Gorman Group, an insurance business-analytics and integration consultancy. "And we're seeing insurers move from analytics done at a bottom up level — for pricing precision, or for fighting fraud — to more of a corporate capability and competence. And, they're applying it much more broadly."
Gorman isn't alone in this observation. A number of industry analyst firms' research echoes the increase in analytics focus: Novarica says insurers report significant value from big data/analytics investments in underwriting, claims, marketing and service. And, Strategy Meets Action's research indicates a majority of P&C insurers will increase their analytics spending, on product development, underwriting and claims, over the next three years.
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