Age of Analytics

Data is essential to most insurance company functions, and it is a business imperative to understand, manage, and protect this critical resource. Advance analytics are progressively being applied to most insurance functions, including underwriting, pricing, marketing, product development, claims handling, loss control, reinsurance, agency management, fraud prevention, financial analysis and strategic planning. To make optimum use of data resources, managers must document, understand and make available business intelligence about the data itself, including data integration across multiple sources, and metrics about the content and quality of data. Success in the 21st century will hinge on accessing large volumes of data, appraising and improving data quality, and using disparate information to manufacture and calibrate data sets for analytic models.