Data Analytics in Insurance: Insurers now have access to a cache of data from the marketplace and their systems. With analytics tools and solutions, insurers can disrupt the way they have worked in the past, by changing everything from the segmentation and targeting of sales efforts, to the risk evaluation and pricing of policies.
Analytics capabilities support a shift from products based on actuarial tables to ones that use behavioral models to segment customer categories, price policies, and manage risks. Insurers can parse real-time data from sensors and telematic streams to analyze behavior and calculate driving scores, so they can better predict risks and therefore enter new markets and offer more price-competitive policies without increasing their risk.
This brochure will help you in understanding data analytics in the insurance industry including: