Predictive analytics

Many of these dangers stem from the increasing reliance of financial services companies on outside technology firms.

With today’s digital tools and platforms, the technology can be applied to various aspects of the insurance value chain.

Jon Colello, president and head of underwriting, advises carriers to focus on technologies and partnerships reducing data sharing costs.

The move follows new CEO Brian Duperreault’s earlier assertions the insurer would develop data science and analytics capabilities for underwriting.

Organizations that have been successful with business intelligence are more likely to adopt the tech than their less successful counterparts, says study.

Carriers are working to change the culture around underwriting to be more data-driven, says EY study.

The company is developing an instant-issue platform that delivers life policies to customers without fluid testing.

Modeling and experimentation are common across the industry, but nothing replaces the value of real-world events, says IBHS president and CEO Julie Rochman.

Captured images from planes are run through the insurer's analytics software to reimburse policyholders on flooded automobiles.

Data plays a key role in understanding what your customers will be looking to buy next year, in five years or in 10 years, and how that impacts your staffing needs.