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Fully leveraging data analytics in insurance

Properly incorporating data analytics identifies customers' coverage options and helps carriers determine the likelihood that a customer will leave.

By Jon Mayo | Updated on January 03, 2017
Properly incorporating data analytics identifies customers' coverage options and helps carriers determine the likelihood that a customer will leave. (Photo: Shutterstock)

This is the final of a series of four articles about the state of data in the insurance industry. Previously, we focused on the current state of insurance, customer demands and business models. While these topics are critical, to evolve the insurance industry, companies must also look at how they are using data for the betterment of the industry.

Insurance companies have significantly more data than some think. But the industry has been unwilling or unable to use the data to its fullest extent. However, by ignoring this data, companies are missing opportunities to better service customers and to improve business.

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