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Predictive Analytics:  Insuring Better

As an industry in possession of large amounts of data and deeply invested in the events of the future, the insurance industry has seized the opportunities offered by predictive analytics— especially to improve its underwriting practices. In the mid-late 2000s, Canadian insurers began exploring ways in which they could use predictive analytics to empower all other aspects of their business, including distribution strategies, claims management, product and pricing development, marketing, branding, consumer research, and customer experience.

Today, market leaders have successfully employed predictive analytics to better understand the customer life cycle and to identify opportunities to improve customer retention levels, opportunities for cross-selling, and even fraud detection.

In this video, Greg McCutcheon, President of Opta Information Intelligence, explains how technology has enabled and improved information throughout the industry over time. Competitive success is now shaped by an organizations ability to efficiently employ new and innovative methods of collecting and analyzing vast amounts of data – and turning the information into effective risk management.