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New Power with Predictive Analytics

The use of predictive analytics in insurance is becoming increasingly widespread as companies realize how the power of insight can impact business growth, risk management, and loss control. The number of insurers using these sophisticated models is growing daily and, there are more business capability areas that are reaping the...

By Karen Furtado | Updated on April 30, 2013

THe use of predictive analytics in insurance is becoming increasingly widespread as companies realize how the power of insight can impact business growth, risk management, and loss control. The number of insurers using these sophisticated models is growing daily and, there are more business capability areas that are reaping the benefits. Recent SMA research indicates that over one-third of insurers are currently investing in predictive analytics and models.

Most insurers started using predictive analytics in the underwriting area. Those that are staying ahead of the curve are continually introducing new external data sources in their efforts to glean additional insightful information about the risks they are underwriting. As the available data becomes more robust and plentiful, there are even more opportunities to view risks from varying vantage points—gaining insights that were not previously possible.

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