Data and analytics serve to predict consumer behaviors and the future behavior of the underwriting process, and results of a recent FirstBest Data-Powered Underwriting Study reiterate the importance of data and analytics for driving profitability and better risk decisions.
According to the survey 56% of respondents state that superior data access can directly lead to profitable underwriting results, and 49% agree that other benefits from data use drive improved better decision-making and improved underwriting quality.
But despite the importance of data and analytics noted by survey participants, only 11% of carrier respondents indicate satisfaction with their current data and analytics capabilities, with 89% indicating varying degrees of dissatisfaction with their current strategy.
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