Predictive analytics

Data mining techniques may be able to more readily identify red flags or spot patterns that suggest fraud, but insurers will still need to rely on data-minded teams to create the algorithms and systems that will detect it and root it out.

The Caribbean insurer aims to improve both claims and underwriting performance with the move.

Hippo, an insurtech startup looking to provide home insurance beginning in 2017, has announced $14 million in Series A funding led by VC firm Horizons Ventures.

The P&C insurer selects Valen Analytics to bolster its underwriting capabilities.

As analytical efforts mature at an organization, it becomes increasingly important to build cross-functional teams in which data science is the primary focus and tool.

The study found that the typical chief data officer has been in their role for an average of 2.4 years, while the chief analytics officer tenure is 2.6 years.

CDOs are adding to the competitiveness of their organizations by contributing to strategic planning and decision making, and by leading digital business initiatives, the report noted.