Despite having very different product lines and target clients, the various segments within the insurance industry are all data-driven businesses with access to enormous quantities of data. However, most of that data, particularly data that is unstructured, remains unused and unexplored. Although maturing technologies are increasing the pace at which data can deliver tangible and actionable value using analytics, the insurance industry’s prolonged focus on traditional capabilities has resulted in a partial failure to take real advantage of advanced analytics. Other industries have far outpaced insurance in terms of analytics capabilities.
It is becoming indisputable, based on events in other industries, that companies which do not use advanced analytics to power their businesses will fall behind their competitors. With this in mind, insurers must ensure they have built the requisite data, technology and teams to allow them to deliver near-real time, actionable insights to their decision makers throughout the business—thereby unlocking the true potential of their data.