Advanced analytics in its simplest terms is comprised of three key elements: the data, the talent and the technology.
In some shape or form, all processes in the insurance industry are dependent on data and data management techniques. Data is the oil that flows through all processes. No matter what technology platform, cloud computing or distribution channel(s) an insurance company has at its disposal, deriving useful insight out of data is always key to gain a competitive edge.
Out of the three elements of advanced analytics, at LexisNexis Risk Solutions we put a lot of emphasis on the talent, the human factor of the ‘orchestra’ that is responsible for guiding and shaping the innovation process: exploring the data in partnership with the business, to identify new pathways to value. You can’t just point a data scientist at the data and say ‘go’, you need the market expertise alongside you.
Insurers have always had access to big data, internal and external to the four walls of an insurance provider. What is key today is the ability to drive the necessary change process and make the data really actionable and ready to influence underwriting, rating, pricing, forms, marketing, and claims handling and how they ingest new data structures like text, voice, video, images and spatial data.
In this video, listen to our Director of Statistical Modelling for UK&I and International Markets, Alan O’Loughlin, as he explains the rising volumes of data coming into the insurance world, and how his team works with the business to extract value from data. It’s this data exploration process that lies at the heart of our new product development, and which ultimately helps insurance providers serve consumers in new ways.
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