Are the dynamics of a competitive insurance marketplace changing as new predictive resources and analyses are introduced?
Claudine Modlin: We live in an age of information. Most industries are competing for data, and insurance is no different. Predictive analytics in insurance is about uncovering information that can be used to improve operations ratemaking, underwriting, claims management, marketing, and so forth. Insurance carriers that effectively capture information, analyze it with specific goals in mind, and implement changes quickly will win in terms of profitability, market share, or both. Doug Winter: Yes, the marketplace dynamics are changing. Achieving profitable growth through traditional macro tools like new product features, agent incentives, and geographic expansion is still common. However, we are seeing carriers embrace analytics as a new path to profitable growth. Leading carriers are applying predictive models and analytics to identify the highest value prospects and drive their marketing campaigns. They are actively mining their proprietary loss data to develop new customer insights, w
Related Questions
- We currently use tympanic (or electronic predictive, or digital electronic, or glass) thermometers. Why should I consider changing to single-use thermometers?
- Are the dynamics of a competitive insurance marketplace changing as new predictive resources and analyses are introduced?
- How do you stay up to date with the latest changes and new plans in the ever changing insurance marketplace?
