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Data is King – Predictive Analytics in Today’s P&C Industry

Data is King – Predictive Analytics in Today’s P&C Industry
26 March 2015

The 2015 edition of Ernst & Young’s Canada Property-Casualty Insurance Outlook suggests that improved use of data and analytics can help increase profit margins for Canadian p&c insurers, and that they are well-served to take advantage of predictive analytics capabilities.

As the largest aggregator of structured risk information and property data in Canada, Opta realizes that predictive analytics and modelling methods are powerful tools that can assist insurer growth, profitability and competitive edge. Opta is literally engaged on a daily basis with insurers that are looking for means to gain or maintain a competitive advantage throughout the marketplace.  Over the past 18 months, we have seen first movers test and implement our data analytic solutions.

These first movers have clearly recognized that there exists risks that are less desirable from a profitability perspective than others, and they want to ensure that they are using all tools at their disposal to ensure that they are getting as much of the “good” and “profitable” business that is out there.  We foresee this trend continuing at an accelerated pace throughout the industry.  

Opta’s Peril Score™ has allowed market leaders to successfully employ predictive analytics to better understand the life cycle of their customers, improve customer retention, provide opportunities for cross-selling, and even to detect fraud. A better understanding of by-peril exposure can help Canada’s property and casualty insurers to improve their processes and build a better bottom line.

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