When you read about another new carrier carving out market share, how do they do it?
Executive SummaryCarriers recognize that using data analytics will provide the underwriting edge they need to compete in the future, but what's stopping existing carriers embracing data analytics? As startups move swiftly towards this goal, what barriers are holding carriers back, and what is the best approach when navigating powerful new solutions. RMS VP Farhana Alarakhiya provides some answers.
Although they may not be established or a “big name,” they harness technology and use data effectively from initial prospect contact through to marketing, sales and even claims. For these businesses, data analytics now drives everything. Business decisions based on intuition, experience and relationships are losing their appeal.
PwC’s 20th Annual Global CEO survey showed 86 percent of insurance CEOs believe technology will completely reshape competition or significantly impact the industry over the next five years. And data is where the business future lies. The battle now is to outperform the competition through the utilization of data analytics and technology.