Reuven Shnaps is vice president of professional services at Earnix.
Maturing analytics tools and the recognition of the value in big data have created the perfect storm for insurers when it comes to enabling and leveraging business hindsight, insight, and foresight. While big data plus analytics tools offer a world of opportunity when it comes to making optimal business decisions, the complexity of both will require time for insurers to fully understand, embrace, and leverage to their greatest benefit.
Analytics have evolved over time, with the industry now on its third generation of analytical tools. The first generation was descriptive analytics. Commonly referred to as business intelligence tools, descriptive analytics enabled insurers to consider what did happen to enable improved decisions based on lessons learned from past experience. Next came predictive analytics which helped insurers better evaluate what could happen by analyzing the past, while applying (in simplified terms) 'what if' scenarios to predict the impact on future performance.
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