Want to achieve competitive advantage? You will find good examples in the linked content. These tend to be analytics added and applied to processes, workflows and, of course data.
You might find it valuable to talk with 360Globalnet & CSC to understand how they are digitally transforming insurance carriers themselves. Analytics is embedded in the insurtech platforms that help achieve digital transformation - it is not an end but a means to an end:-
- Real-time status of the business and claims
- Improving and speeding up decision-making
- Letting people concentrate on aspects that need human intelligence by applying machine learning to, for example, identify and target fraud
“Combined with advancements of machine learning technology, we have developed prediction models which outperform any underwriting models in the marketplace,” he says. “Not only can we use them to improve our own facultative underwriting decisions, but we can also offer models to our customers as a value-added service.” Gen Re’s decision analytics team has been in place for five years, Hu says. Charged with improving data gathering and data management processes for both internal and external data, it collaborates with IT and business units like underwriting and actuarial “to maximize the advantages provided by available data.” “The key driver for us has been the competitive advantage that can be gained through improved underwriting via analytics,” he says. “Going forward we will focus on additional products and other functions including claims and marketing.”