There is increasing evidence that intelligent use of data – to gain understanding and to anticipate results – is becoming the foundation for success in the new landscape of insurance. A number of experts in the area will be presenting at the 2012 Insurance-Canada Technology Conference on March 5, 2012 in Toronto.
As reported in Insurance & Technology, a recent survey by Towers Watson found that 85% of the 69 insurers polled “use or are planning to use” predictive modeling. Further, while there has been emphasis on its use in the personal lines arena, Commercial lines carriers are showing significant interest and “are planning or implementing programs at a 70% clip. ”
Claims is one area of specific interest. The same article cites Liberty Mutual’s implementations in its Workers Comp program which found that 50 percent of most workers compensation policyholders’ claims drive 90 percent of total claim costs. A statement from Liberty Mutual indicated that “Identifying these early and getting them the proper resources quickly, delivers the best possible outcomes for injured workers and their employers.”
A number of suppliers to the industry are focusing on data and analytics for the P&C industry. Several of these organizations will be presenting at the 2012 Insurance-Canada Technology Conference in Toronto on March 5, 2012, including the two Platinum Sponsors, SAS and IBM.
Dan McKenzie, Fraud Analytics Specialst, SAS Canada, will be presenting on “The Insurance Fraud Race: Using Information and Analytics to Stay Ahead of Criminals”. This session will highlight the benefits insurers are realizing in the use of analytics for fraud detection and prevention and provide insight into organizing and implementing a successful analytics program.
Analytics are also powerful tools in marketing, customer relationship management, and underwriting. In his presentation “Turning Information into Insight”, Neil Isford, IBM VP Business Analytics & Optimization, will focus on how insurance companies are using business analytics to strengthen customer care & insight, risk/finance optimization as well as claims processing. Neil will also talk about how emerging technologies such as Big Data, social media analytics, and IBM’s Watson, can help you make informed decisions with greater confidence.
The challenge is how to use these powerful tools in the current environment. The 2012 Insurance-Canada Technology Conference offers a unique opportunity to explore ways to meet this challenge. We look forward to seeing you there.