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Insurance in the age of analytics – IBM white paper by Jamie Bisker

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Article Synopsis :

Investment in big data analytics by insurers is on the rise. Insurers are now convinced that prudent use of data can help achieve appreciable commercial benefits. Having said that, it’s important for insurers to understand ‘how they can use data more effectively to improve their return on investment’.

 The Digital Insurer reviews IBM’s Report on Insurance in the age of analytics

The Age of Analytics

IBM’s white paper “Insurance in the age of analytics”, provides a glimpse into the powerful capabilities that are now becoming available to insurers—capabilities that can provide the opportunity to gain new insights for achieving market advantages. The main content discussed in the white paper are

  • Insurance and analytics: A long tradition
  • Insurance and analytics: The current state of the art
  • Insurance and analytics: A new wave of pervasive analytics
  • Big data
  • Casting a wider net
  • Deep analytics
  • Understanding language and text
  • Insurance and analytics: Scenarios for winning insights
  • Look to the future

 

Digital Insurer's Comments

The scale of data that is generated every day presents both a challenge and an opportunity for insurers. The challenge is with respect to gathering data and processing it in such a manner to generate actionable output. Once the actionable output is available, the opportunity lies in  the following areas:

  • Claims prediction
  • Product pricing and marketing
  • Customer acquisition and retention
  • Cross-selling and up-selling
  • Fraud detection and prevention

The proliferation of data impacts every aspect of business and enterprise. Ignoring the potential and power of analytics and big data and its use in the insurance industry will be a dangerous move as we move into the digital age. 

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