While underwriting, claims and product development are the main areas of analytics usage for property/casualty insurers, a significant number are now using analytics to gain insights on customers, finance and operations, according to “Data and Analytics in Insurance: Property and Casualty Plans and Priorities,” new research by Mark Breading, partner, Strategy Meets Action.
On average, P&C insurers spend 9 percent of their IT budgets on data and analytics, and an equal amount is spent by business users coming from other departmental budgets, the study found; 75 percent of P&C insurers said they will increase their spending on analytics over the next three years.
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