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April 21, 2016
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Data and Analytics: A Compelling Competitive Advantage for Insurance Organizations

Blog post by Cindy Maike, General Manager-Insurance, Hortonworks and Sanjeev Kumar, Head of Insurance, Saama Technologies.

Data and analytics create a compelling competitive advantage for insurance organizations regardless of their size. Unfortunately, for many insurers, data is a ‘depreciating asset’ resulting in zero value if not properly managed.

According to the Strategy Meets Action 2016 Insurance Technology Priorities and Spending report, more than 82 percent of North American insurance business and technology executives surveyed indicated that ‘data and analytics’ will be a top strategic investment in 2016. 74 percent of respondents indicated that they are focusing on core system replacement. Initiatives in support of core system replacements, data and analytics have a common goal of access to “better data” to drive business value resulting in top line growth or optimizing the combined ratio.

With core system replacement, many insurance carriers are faced with the data conversion dilemma regarding historical data. Common questions and concerns include:

  • What is the TCO of manual work-arounds for reopening closed claims? How do we avoid incremental costs, employee and customer frustration, and errors?
  • Is there a risk of inaccurate statutory and/or unit stat regulatory filings?
  • What is your customer attrition percentage? Do we have a complete perspective?
  • Have there been changes in the channel and distribution?
  • Will claim fraud and underwriting leakage analysis be incomplete?

These challenges are real, however, they can be overcome. On May 5, follow the journey of a regional carrier who leapfrogged into the future of data and analytics to achieve competitive advantage.

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