Insurance in the age of analytics – IBM white paper by Jamie Bisker
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 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.
Link to Source:: click here
About the Author
Hugh Terry
CEOOther articles
Library: Gallagher – AI, Cyber, Threats and Ethical Hacking
Library: WTW – 2023 Global Report on ESG metrics in Executive Incentive Plans
Library: Aon’s Q4 2023 Global Market Insights Report
Library: McKinsey’s Redefining the future of life insurance and annuities distribution
Library: PwC’s Insurance 2030: Winning moves for group insurers
Library: BCG’s How Insurers Can take on the Climate-Driven Health Crisis
 |
 |
Hugh Terry
CEO
EVENTS
Comments