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

11. Future of Insurance Analytics

The insurance industry has long used analytics in many areas. However, there has not been an integrated, strategic approach to its use. Insurance has often been called a laggard in its use of technology overall and somewhat justifiably so; however, when proven many companies become fast adopters. The problem is that the last companies to adopt innovations, be they in technologies or analytic applications, do so at the peril of being marginalized and acquired by another company.

This chapter advocates some actions to advance your analytic maturity including analytic innovation tactics, conducting an analytic audit, and undertaking business discovery. A combination of these can help you retake a proactive approach ...