Analytics is certainly not new to the insurance industry. It could be argued that the first mortality tables developed in the 18th century were analytics. However, the adoption rate of business analytics within insurance has been slow.
Today, predictive modeling and forecasting are used by actuaries for pricing, but few insurance companies have applied analytics in a real-time or near-real-time operational environment.
The "analytical insurer" is an insurance company using analytics throughout its organization to improve business performance. It has four major components:
- Claims analytics
- Customer analytics
- Channel analytics
- Product analytics
Claims analytics
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