New SMA research identifies a new wave of investment in CRM
Boston, MA (July 4, 2016) – Strategy Meets Action (SMA), a leading insurance strategic advisory firm, has just released a new research report: Data and Analytics in P&C Insurance: 2016 and Beyond. The report addresses insurers’ business and IT priorities and plans for leveraging data and assesses how business intelligence, advanced analytics, and big data are being applied for both strategic and operational advantage.
“As the variety and amount of data increase and analytics continues to advance, the need to have top notch capabilities becomes mandatory to maintain competitiveness,” said Mark Breading, SMA Partner and author of the report. “The organizational structures, skills and roles, and executive commitment are advancing significantly and are the key to creating world class capabilities.”
Key findings of the research include the following:
- Big data is increasingly seen as a game-changer in many areas: in areas such as pricing, customer segmentation, and actuarial analysis, almost 40% of insurers now view big data as a game-changer.
- While big data and predictive analytics advance, traditional business intelligence maintains its importance, with more investment devoted to building and enhancing capabilities in those areas.
- One-third of P&C insurers now manage and guide data, BI, and analytics initiatives via a centralized enterprise unit.
- Chief Data Officer roles are now present in 23% of insurance companies.
The trends, projects, and investments featured in this research report are important for insurers to consider because data and analytics are increasingly becoming a primary source of competitive advantage. Data has long been considered a strategic asset by insurers, but now the scope of the data is expanding, the technologies and tools are becoming more sophisticated, and the expertise of individuals is advancing.
Insurers, IT solution providers, and media that are interested in learning more should contact Mark Breading at [email protected] or 614-562-8310. Mark will be presenting his perspectives on these emerging technologies at the Insurance-Canada.ca Technology Conference on Feb. 29, 2016, and the next day’s Broker Forum on March 1.
Exclusively serving the insurance industry, Strategy Meets Action (SMA) is an advisory services firm offering retainers, research, consulting, events, and innovation offerings to both insurance companies and solution providers. Learn more about SMA at www.strategymeetsaction.com.
SOURCE: Strategy Meets Action (SMA)