Those that forget history may be doomed to repeat it, but those who don't understand the future may never get there. The insurance industry may have succeeded in the past by being cautious and risk-averse, but it's time to start getting more attuned to a fast-changing world, one expert has been warning.

In a recent post, Barbara Geraghty of Business 2 Community points to an interesting paper written about a year ago by Deloitte's Howard Mills, which makes a strong business case for advanced or predictive analytics within insurance organizations.

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