Predictive analytics

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.

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.

Designed to close protection gaps in China, data-driven product pays off in near-real time after a storm passes through.

Another industry alliance is forged aimed at providing driver data to insurance companies.