Published by Michael Crawford on
One of the new areas where there is currently significant differentiation is in the use of data analytics to help drive strategies.
As Scott Eason pointed out in his recent blog, 2016: Year of the Why, insurance products and strategies are increasingly comparable. For companies to survive, they will need to have minimum skills in a number of key areas plus differentiators in at least one. One of the new areas where there is currently significant differentiation is in the use of data analytics to help drive strategies. Some companies have fully embraced analytics where others have yet to start.
As analytics consultant and actuary Pedro Ecija explains in his recent blog - The Role of Predictive Analytics in the Strategy of an Insurance Company - we believe that all successful companies will have an analytics function assisting their strategy. However, this latter point is crucial - just having an analytics capability won’t allow you to compete. Using it to drive a competitive advantage is paramount.
We are seeing more and more insurers show a desire for using analytics to enhance their business. Our experienced Analytics team can help you establish an efficient function and assist in advising on practical applications of cutting edge techniques and technologies. Click the link for more details about our Data and Analytics team.