Insurance carriers have been collecting data and information since the Stone Age, it seems. The amount of data they have on their current and past policyholders as well as consumers that have inquired yet never purchased is far more extensive than that of any other industry. But what are they doing with the data?
A top-tier IT executive said to me a few months ago, when asked about his IT strategies for 2016, “We have been talking about analytics for a long time, but [we’re] still trying to figure it out.” The key for this company, and most other insurance carriers, is how to even get the data necessary to do the analytics they want to do. Legacy systems have hindered the industry in this aspect—not to mention the challenge of having multiple legacy systems, which is very common.
Carriers want to expand their ability to do analytics when it comes to underwriting, customer service, sales, and segmentation (among other uses). But how do you get past the legacy challenge to pull all the data needed? What analytical tools are available and best fit your needs? Vendors are out there that can help—some of the best kept secrets in the industry.
As you consider how to grow your analytics capabilities and better understand what options are available, the Insurance Analytics USA Summit (March 14-15 in Chicago) will provide insights from best-practice organizations about how to use analytics to gain a competitive advantage in claims, underwriting, pricing, and marketing.
We’ve secured a US$200 registration discount for Aite Group readers—simply enter the code AITE200 when you register here.
The event features a stellar speaker lineup, including these speakers:
- Eric Huls, senior vice president quantitative research and analytics, Allstate Insurance
- John Beckman, SVP and chief transformation officer, CNA
- Mark Pitchford, managing director, sales and service, and chief customer advocate, Esurance
- Neeru Arora, chief knowledge officer, Aon
- Sabrina Hart, EVP/regional executive Midwest, Zurich North America
- Louis DiModugno, chief data and analytics officer, AXA US
- Dr. Henna Karna, former managing director, global head of actuarial technology, AIG
As Aite Group’s life and annuities senior analyst, I will be there to attend sessions and listen to the buzz. Also, stay tuned for a two-part report series on data and analytics coming soon from Aite Group.
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