OLDWICK, N.J.--(BUSINESS WIRE)--In this A.M.BestTV episode from the RIMS conference in Philadelphia, PA, Jim Weiss, director of analytic solutions, ISO and Ben Fidlow, head of core analytics, Willis Towers Watson, said insurance organizations and professionals should become comfortable with risk analytics and numbers, or face the prospect of short-term obsolescence. Click on http://www.ambest.com/v.asp?v=rims1417 to view the entire program.
“I would say five years ago, carriers that had really committed to analytics were finding it to be a competitive advantage; today, carriers that are not using it are finding just the opposite,” said Weiss. “This has motivated a lot of carriers to look really seriously at analytics to see how it can build up their operations.”
Fidlow cautioned that insurers should scrutinize data carefully, since it is sourced from many different services.
“Every time we get data, we need to talk to the vendor and ask, ‘How did you get it and what was the process?’ ” said Fidlow. “This is because any data is going to have a bias in it, so we need to understand what those possible biases are. This will enable us to use the data better, since all data, to some degree, is flawed.”
Both Weiss and Fidlow said they see data taking the insurance industry into new markets, which will be a real benefit for policyholders.
For full video coverage of the RIMS conference, including exclusive executive interviews, visit http://www.ambest.tv/rims17.
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