The reputation of the insurance industry has long been that it follows behind other industries in the use and implementation of technology. Across numerous other industries, big data and analytics are profoundly altering the business landscape. Until recently, however, only a handful of the largest insurers in the industry were using them to their fullest. Executive SummaryManuel Rios, the CEO of American Modern Insurance Group, lays out four steps his company is using to win the war for analytics talent, after explaining why it’s important for insurance executives to accelerate and leverage the power of data and predictive analytics across all of a carrier’s business units.
According to a recent Earnix/ISO survey polling insurance professionals, of the companies with more than $1 billion in gross written premium (GWP), 51 percent either currently use big data or are evaluating or implementing big data initiatives, compared with 30 percent of the companies with less than $1 billion GWP.Source: Earnix Inc. and ISO, 2013
Now, it’s in the hands of insurance executives to effectively leverage the power of analytics to more precisely understand markets, enhance productivity and mitigate losses, all of which ultimately benefit and help better serve the premium-paying customer.