Predictive analytics

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.

Workers' comp insurer selects Valen Analytics' InsureRIght platform, gaining access to vendor's data consortium.

Carrier will establish its recently purchased Hamilton USA business as an analytics unit aimed at leveraging data science for commercial underwriting and claims.

Sastry Durvasula will lead the design and delivery of the broker's data & analytics technology across its global business.