The core problem has been the volume and type of data that is required to be gathered, synthesized and intelligently acted upon has defied easy solutions. Collecting and intelligently analyzing inspection data, photographs/videos, claims history, financial information, and more has seemed unattainable.
However, better forms of multi-media collection, combined with modern content management and analytic technologies are offering opportunities. Several vendors and carriers in Canada and the US are utilizing existing Data Standards combined with new collaboration solutions to present more complete submissions electronically. At the 2011 Insurance-Canada.ca Technology Conference (ICTC), Doug Johnston from Applied Systems will summarize the opportunities and progress to date in a presentation and panel discussion titled “Commercial Lines, What’s Next?”.
Once the data are in, there are other developments with predictive analytics that are showing measurable differences. According to Towers Watson’s most recent survey of commercial lines pricing, “results continue to indicate that companies that use predictive modeling for pricing/risk tiering or risk selection are, on average, more successful at holding onto price levels than those that do not use predictive modeling.”
Several experts on analytics are part of the faculty of the ICTC.