Predictive analytics

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.

Top P&C insurers are keen on helping agents acquire new business using mobile channels, as well as e-signature and predictive fraud scoring initiatives, Novarica finds.

Those assuming the job must combine technology expertise, business savvy and a vision of the organization's future, says Pierre Peladeau.

Algorithms and AI are very good at identifying patterns of behavior that predict certain outcomes, which can be used to sort people by the expected cost of care.

Not all data insights generate value to an organization, and some can be downright counter-productive.

But challenges of implementing the technology include regulatory issues, incomplete data, lack of skilled employees and executive support.

The sector is complex, and it is important for carriers to have the appropriate systems and functionalities to support these complexities and enable future growth.

Company's Technology Growth Fund has invested in at least two insurtechs.