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July 18 2017 | Karen Pauli

Boston, Massachusetts, July 18, 2017 – Strategy Meets Action (SMA), a leading insurance strategic advisory firm, has just released a new research report: Data and Analytics in Insurance: P&C View Through 2020. The report covers the business drivers, current state, future plans and projects, challenges, and investments that P&C insurers are making in data and analytics. The research also includes views of survey results by size of insurer and line of business (commercial lines and personal lines).

20170718 PC Analytics“Due to the rapidly accelerating pace of change in consumer expectations and the global business environment, the time horizon is shrinking for adopting advanced analytics and cognitive computing that can derive the new opportunities hiding in emerging data.” said Karen Pauli, SMA Principal and report author. “Insurers without plans, regardless of size or line of business, will potentially face insurmountable challenges in the marketplace.”  

Key themes of the research include:

  • Insurers continue to invest heavily in basic BI and reporting while nominally investing in advanced analytics, data and text mining, and cognitive computing.
  • Specific uses of data and analytics are mature and have historic investment, but uses related to customer experience and claims reflect growing gaps.
  • There is a small percentage of insurers who are utilizing IoT, wearables, and drone data, but as many as 82% of insurers have no current plans to do so.

The survey data shows that old, inflexible legacy technology and the lack of IT resources and data-related skills are the leading barriers to successfully executing data initiatives. The report contains SMA’s proprietary Data and Analytics Spectrum and Call to Action to help insurers roadmap their own data and analytics strategies and initiatives.

Insurers, solution providers, and media that are interested in learning more should contact Karen Pauli at kpauli@strategymeetsaction.com or 774-462-7820.