The new era of insurance analytics – Willis Tower Watson

Article Synopsis :

While new customer acquisition is a widely tracked metric in insurance  the specific measurement of retention rates, lifetime value creation, up sell/cross sell, and fraud remain a challenge.

Are big data analytics poised to deliver big returns to insurers?  

To address this, what analytics strategies and/or packages are worthy of your investment? Claudine Modlin and Graham Wright of Willis Tower Watson suggest answers as they discuss the topic in this Q&A article “The new era of insurance analytics”. Specific areas of conversation  include:

• Increased attention and high expectations for advanced analytics in insurance
• Domain expertise in this new era of advanced analytics
• Analytics applications for insurance pricing
• Choice of models in insurance analytics
• Why insurers should invest in advanced analytics

One of the key themes is the value of people. Advancements in machine learning and AI make it seem like everything will eventually be automated but the machines operate at the behest of people, and the talent of those people, more than the machines themselves, will determine success (or failure).

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