A.M.BestTV: Analytics Continue to Transform Insurance Industry

OLDWICK, N.J.--()--This A.M.BestTV episode examines how big data and analytics continue to play an ever increasing and important role in the insurance industry. Two just released industry reports from Novarica and Capgemini explore how insurers are looking to harness data across all facets of business. Click on http://www.ambest.com/v.asp?v=bigdata715 to view the video program.

Shane Cassidy, vice president and head of NA sales at Capgemini, said that their report discovered that insurers are struggling to keep their customers satisfied and suggested that data could be a solution.

“Our report found that all age groups are expecting data to be provided to them in a personalize way, in real time,” said Cassidy. “All want human interaction, especially when it comes to decision making; however, for the most part, they expect insurers to know them, understand their needs, histories, backgrounds and provide relevant information and advice at the point of purchase.”

Nevertheless, the Novarica report shows that some insurance companies are hesitant to embrace data. “Some companies have truly embraced data and its analytics, but others area only at the initial steps,” said Jeff Goldberg, principal at Novarica. “These companies are trying to get a hold on what their data is, have a basic level of data quality, as well as, trying to do some interesting and advance analytics.”

All agreed insurance companies have to be able to use data in the marketplace in a timely manner in order for it to prove to be successful for the companies and their clients, because new data has to be used quickly and efficiently.

On Friday, July 31, 2015, A.M.BestTV will premiere a special presentation looking at the impact Hurricane Katrina left on the insurance industry 10 years after the deadly storm, with interviews with industry executives and regulators from New Orleans. See the preview at http://www.ambest.com/v.asp?v=katrinapreview715.

Recent episodes of A.M.BestTV include:

  • Insurers Develop New Ways to Trigger Disaster Coverage: Brokers and insurers are borrowing from the catastrophe bonds world by developing coverage against natural perils that are triggered by measurable parameters rather than traditional claims reporting: http://www.ambest.com/v.asp?v=parametric715.
  • Insurer Mitigates Wildfire Damage With Tree Effort: The Philadelphia Insurance Companies is partnering with the Arbor Day Foundation to mitigate disaster prevention, namely wildfires, by planting 80,000 trees: http://www.ambest.com/v.asp?v=arbor715.
  • For Marine Insurers, Bigger Ships Carry Bigger Risks: Marine insurers talk about the challenges they face as new vessels that can carry up to 20,000 containers impact pollution and increase the risks to cargos, hulls and cyber systems, as well as political risk, since the marine industry has a global presence: http://www.ambest.com/v.asp?v=marine715.
  • Insurers Brace for 3-D Printing Revolution: Insurers are preparing for a host of coverage issues, including product liability, intellectual property claims and other concerns as 3-D printers become more advanced and available: http://www.ambest.com/v.asp?v=3d715.

A.M.BestTV covers exclusive A.M. Best information and reports, targeted topics and key developments in the (re)insurance industry every Monday, Wednesday and Friday. Sign up for alerts of episodes at http://www.ambest.com/multimedia/ambtvsignup.html. View A.M.BestTV episodes at http://www.ambest.tv.

A.M. Best Company is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2015 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.

Contacts

A.M. Best Company
Lee McDonald
Group Vice President, Publication and News Services
(908) 439-2200, ext. 5561
lee.mcdonald@ambest.com

Contacts

A.M. Best Company
Lee McDonald
Group Vice President, Publication and News Services
(908) 439-2200, ext. 5561
lee.mcdonald@ambest.com