When it comes to embracing an analytics-first approach, insurers reported not having a data-driven culture is the biggest challenge they face. Additionally, having multiple systems and vendors to integrate and product-centric system silos were also cited as major hurdles. (Credit: Gorodenkoff Productions OU/stock.adobe.com) When it comes to embracing an analytics-first approach, insurers reported not having a data-driven culture is the biggest challenge they face. Additionally, having multiple systems and vendors to integrate and product-centric system silos were also cited as major hurdles. (Credit: Gorodenkoff Productions OU/stock.adobe.com)

When it comes to creating value from data, insurance companies find that leveraging it to build actuarial pricing models brings the biggest returns, according to a survey by Equisoft and Celent, which revealed 91% of carriers use data and analytics to make pricing decisions.

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Steve Hallo

Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]