There has been so much dynamic change in how the insurance industry leverages data and analytics to run their businesses.
In fact, insurers are early analytic adopters — actuarial science has been around since the late 1700s! But for the next 200-plus years, insurers continued to focus their analytic efforts on perfecting actuarial assumptions so that they could take on prudent risk. The analytic conversation has traditionally always been, "How can I underwrite this risk?" and not necessarily "How can I help this insured?"
In the past 10 years or so, we've seen a dramatic change in both the proliferation of available data and the customer dynamic.
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