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Arthur D. Little

Arthur D. Little has been at the forefront of innovation since 1886. We are an acknowledged thought leader in linking strategy, innovation and transformation in technology-intensive and converging industries. We enable our clients to build innovation capabilities and transform their organizations. ADL is present in the most important business centers around the world. We are proud to serve most of the Fortune 1000 companies, in addition to other leading firms and public sector organizations. For further information, please visit www.adlittle.com

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Finnovating is a Matching as a service platform that enables X-Techs from all around the word to connect , collaborate and get the funding they need to grow from investors and corporations globally. The Finnovating platform is a space were the key players of the Tech industry can connect together easily and boost global Tech innovations.

SØNR

Sønr is the world’s most comprehensive source of innovation intelligence. It is a subscription platform used by some of the best known insurance companies globally.

It tracks millions of companies around the world and provides insight on the latest market trends, the startups and scaleups reshaping the industry, and intelligence on how other big insurers are innovating.

Sønr includes a suite of tools designed for teams to better collaborate and connect. From recording meetings to capturing and sharing Notes, to being able to track and share activity across the company using Watchlists and CRM boards.

The platform is backed up by a team of consultants, researchers and analysts who support clients in discovering and creating new business opportunities.

Predictive Analytics In Property and Casualty Insurance – TCS

Article Synopsis :

Insurers have been using predictive analytics to identify high risk groups in the underwriting process for quite some time. High risk group focus was the result of the lack of robust internal/external data and high cost of processing power plus storage capacity. These limitations are irrelevant today hence Predictive Analytics should be used to target entire consumer population including low cost low risk group to generate better insight on how to unlock significant business value.

Data is a Competitive Advantage

In his white paper on predictive modelling, John Wilt, head of property and casualty consulting at Tata Consultancy Services (TCS), North America discusses why business leaders must implement predictive analytics and how it will enable the enterprise to remain profitable and competitive.

The white paper outlines 4 steps to build successful predictive analytics capabilities:

1. Data Transformation
2. Data Mining
3. Model Development
4. Regression

The primary drivers for broader application of predictive analytics are identified as:
• Cost reduction
• Desire for growth in a soft market, slow-growth conditions
• Search for competitive advantage

The author also discusses various applications of predictive analytics in fields like Marketing, Customer Acquisition, Underwriting and Pricing, Claims, Fraud Detection and Reduction on which insurance carriers should focus today.

Link to Full Article:: click here

Digital Insurer's Comments

Advancement in predictive analytics, digitisation and technology reach calls for a paradigm shift in the business model of insurers. The product design and marketing should now aim for the most profitable population.

Predictive analytics enables the insurer in identifying the most profitable customer base, but there are a few challenges which needs to be addressed first like:

1. Choosing the correct models as there are a lot of choices available
2. Dealing with the complexity of the model
3. Lack of skilled Analytics workforce (particularly in Asia)

Insurers in Asia are starting with simple models to help segment customers and deliver more focused advice.

Link to Source:: click here

 

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