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Accenture surveyed risk professionals to assess the support for, and maturity of, risk analytics technologies, tools, processes and talent within their organizations and across the insurance industry.
Accenture’s 2012 Risk Analytics Study surveyed more than 450 risk professionals across several industries, including insurance, to gauge the state of the industry in a post-recession world.
Many of the components of risk analytics are familiar to insurers—because they include actuarial tools, business intelligence techniques, reporting, data warehousing and other traditional technologies. However, the survey shows that more sophisticated analytics approaches and tools have become available in recent years across areas such as risk aggregation, exposure and investment concentration, reinsurance management and capital calculations. These developments mean that an insurance company now has the opportunity to achieve competitive advantage through risk analytics.
The Accenture 2012 Risk Analytics Study found that many challenges lie ahead for organizations looking to achieve distinctive capabilities in risk analytics. What is consistent across the surveyed groups, however, is that all see risk analytics as an area that can deliver competitive differentiation.
November 26, 2012
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