Data and Analytics in Life and Annuity: Addressing Customer Requirements with New Insights

An SMA Research Report

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Author(s):

Karen Pauli, Principal

Publication Date:

September 12, 2017

Number of Pages:

12

Price:

$995.00 USD

L&A insurers have always had data and analytics skills within actuarial departments. However, as L&A insurers struggle to attract new customers, the lack of those capabilities in business units and across the enterprise is a barrier. In spite of the fact that the data from a recent SMA survey shows that respondents chose new solutions and tools as the number one success driver, historic investment in basic BI and reporting continues. There are minimal plans to shift spending to other areas of data and analytics value, so the investment imbalance remains, with insurers preferring to invest in capabilities they already excel at.

A contributing factor to this status quo view of data and analytics could very well be a lack of strong executive structure around analytics. Also, L&A insurers have a yet-to-be-leveraged opportunity to accelerate customer response by partnering with InsurTech firms.

These and other topics are explored and discussed in SMA’s new research report, Data and Analytics in Life and Annuity: Addressing Customer Requirements with New Insights. The report covers the business drivers, current state, challenges, and investments that L&A insurers are making relative to data and analytics. Additionally, it includes the new SMA Data and Analytics Spectrum to assist insurers in benchmarking their current states and developing plans for the future.

 

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