A new survey from FC Business Intelligence looks at the state of analytics across European insurers and reinsurers.
72% of the 165 respondents agreed that "analytics is the biggest game-changer for the insurance industry in 2014/15".
26% have seen good transformation results from the use of analytics, but twice that number have only seen small rewards. 63% are to increase analytical spend in the next 12 months.
44% said that more work needs to be done to target customers and improve the customer journey-29% indicated that understanding customers, injecting customer insights back into the business, and using external data sources and unstructured data were all key analytical challenges, but using social media data at 3% came bottom in that poll.
The biggest analytics challenge is overcoming the silos and getting data in the right place at the right time, followed by using analytics to drive efficiency and collaboration across the business, finding the right people to do the job, using analytics to determine risk, and creating an enterprise-wide analytics strategy.
Those prominent in driving analytics were the chief underwriting officer, cfo, and chief actuary, with leading applications pricing and underwriting-two functions regarded as having the most to gain-followed by claims, marketing, anti-fraud, and customer insights.
26% of insurers are using analytics across their organistation with 92% for some of their business. Interestingly, only 1% are using analytics in connection with social media data.
This survey should lead to lively and wide discussion at the Analytics for Insurance Europe Conference and Networking Event to be run by FC Business Intelligence in London on 6/7th October. The event organisers have issued several white papers on insurance analytics to support the conference.
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