Insurers of all sizes are investing in predictive analytics as a way to more accurately understand the risks their companies will undertake. However, not all of carriers have secured buy-in across the organization. In fact, at the recent InsureTech Connect event, James (Jimi) Crawford, former NASA scientist and founder of Orbital Insight, theorized that the hardest part of selling analytics solutions to insurance companies was finding a person on the innovation team who had a keen understanding of the operations side of the business (or vice versa).
Orbital Insight is a company that utilizes satellite imagery to help governments and businesses create a better understanding of the world. Like other technology solution providers, they struggle to find people in insurance who understand both the business and analytic sides of their organizations.
This article looks to bridge the gap between the number crunchers adjudicating policies and those responsible for profitability, identifying the common verbiage across both sides to illuminate where common pitfalls may lie.
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