Data analytics is bringing a lot of predictive and adaptive capabilities to many areas of insurance — from fraud detection to telematics to customer management. Analytics may also have a powerful impact on what is probably the industry's greatest strength — agent networks. However, this is a strategic advantage that is too often overlooked.
I recently had the opportunity to catch up with Tom King, senior director of insurance at Pegasystems, to chat about the possibilities data analytics offers to the industry. King, who works with numerous clients in the emerging area of big data analytics, says the potential for data analytics is impressive once insurers look past the more well-known applications in the direct-sales arena.
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