Data Takeover

Digital Insurance - - CONTENTS -

SMA re­search finds in­creased in­stal­la­tion of ded­i­cated an­a­lyt­ics staff at P&C in­sur­ers

It’s not just lip ser­vice. In­sur­ers are getting more adept at us­ing big data and an­a­lyt­ics for busi­ness value, ac­cord­ing to re­cent re­search from Strat­egy Meets Ac­tion.

The an­a­lyst firm’s “Data and An­a­lyt­ics in In­sur­ance: 2016 and Be­yond” re­port finds busi­ness in­tel­li­gence is ta­ble stakes for in­sur­ers, while many ad­vanced and emerg­ing use cases for data and an­a­lyt­ics are gain­ing steam as well.

The pri­or­ity placed on data shows in in­sur­ers’ or­ga­ni­za­tional ap­proaches. A third of in­sur­ers re­port that they have a ded­i­cated busi­ness unit de­voted to big data and an­a­lyt­ics, a quar­ter of in­sur­ers re­port that they have data sci­en­tists on staff and about a fifth have some sort of C-level po­si­tion de­voted to the prac­tice as well, SMA found.

“There is broader, more en­ter­prise-wide use of an­a­lyt­ics,” the re­port, which is au­thored by part­ner Mark Bread­ing, says. “In­sur­ers are es­tab­lish­ing data/an­a­lyt­ics units with a broad char­ter across the en­ter­prise. New, high vis­i­bil­ity roles con­tinue to be filled.”

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