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.”