McKinsey: Scaling the impact of advanced analytics in Iberian insurance
Executive summary :
The business potential of advanced analytics (AA) is immense. This is especially true for the insurance industry, where prediction and assessment are hardwired into the business model.
During the past year, many property and casualty insurers within the Iberian Peninsula have made progress in building analytics capabilities, deploying pilot cases, and building up new AA teams. Still, most Iberian insurers struggle to realise the full potential impact.
To realise growth and productivity improvements beyond isolated AA use cases, they must move toward full scale, enterprise-wide deployment.
Based on in-depth interviews with Iberian insurers, this article describes how the industry has been adopting AA, why full-scale adoption is still limited, and how insurers can advance through three levels of maturity in their AA scaling in the coming years.
By overcoming challenges associated with strategic planning and operational readiness, insurers can ascend to higher levels of digital and analytics maturity across their entire organisation.
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