Applied Insurance Analytics: A Framework for Driving More Value from Data Assets, Technologies, and Tools

1. Analytics in Insurance Overview

Insurance is an industry that runs on data. Regardless of the industry segment—Property and Casualty, Life, or Health—insurers provide a service or financial product versus a physical product to policyholders, and most often a promise to pay to or to indemnify on behalf of a policyholder or to invest on behalf of. From the initial marketing and customer insurance shopping and buying experience, through to a claim payment or investment payout, the entire insurance value chain, the end-to-end link business processes, are data driven. Data is literally the life blood of the insurance industry and analytics drive overall industry business performance through increased revenue or decreased expenses. It relies on ...