Predictive modeling is on the rise for property & casualty insurers in virtually every line of business over the last year, according to Towers Watson's fifth annual Predictive Modeling survey, but most insurers do not have a comprehensive, company-wide approach for using predictive modeling for all core functions.
Results show that there is a lack of data-driven analytics uniformity in most enterprises while overall usage fluctuates significantly depending on the company size or by the line of business.
Carriers have a willingness “to embrace predictive modeling programs, but in many instances, the actual investment in, or execution to establish these frameworks, has been incomplete or targeted to specific business lines or operational needs,” said Brian Stoll, director, P&C practice, Towers Watson.
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