How Emerging Technologies Enhance Business Value for Insurers

Novorica Research Council CIO Survey 2020 Q4

Advanced Analytics is Steering the Change

Insurance is a data-driven business, and harnessing the power of data to mitigate challenges is the biggest challenge for P&C insurers today. This is where advanced analytics comes in for insurance, which comprises data science, extensive risk knowledge, and industry expertise. It generates actionable business insights, optimizes existing portfolios, and combines actuarial methods with computational methods. By actualizing known problems with unknown solutions, advanced analytics ultimately reduces the time lag between underwriting and claims. Advanced analytics help insurers:

Buy vs build

The amount of data that will be created over the next three years will be more than the data created over the past 30 years. Further, the world is poised to create more than 3 times the data over the next five years than it did in the previous five. This tsunami of data has set the stage for massive investments into big data, and advanced analytics initiatives. Hence, the choice between building internally or buying external technology solutions arises.



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