Novarica profiles 16 vendors in a new Market Navigator report to help insurers navigate solutions in this rapidly growing market
Boston, MA (Aug. 12, 2016) – More than half of insurers now use predictive analytics to refine data-driven capabilities for pricing and risk determination, but maturity levels vary widely, with only a handful of insurers taking full advantage of the potential of this disruptive technology. Modern solutions provide insurers with deep insight in assessing underwriting risk, product profitability models, and financial projections. The most recent Novarica Market Navigator Report™ guides insurers through a wide range of solutions in this rapidly emerging market.
“Insurers are focusing more resources and budget towards their data strategy, and though the bulk of this goes towards data warehousing and reporting, predictive analytics usage is growing fast,” notes Jeff Goldberg, Vice President of Research and Consulting and lead report author. “The predictive analytics solutions available on the marketplace today range from pre-built models that insurers can use out-of-the-box, platforms and languages to help build custom models, visualization tools to mine and search data for new factors, and aggregated data sets that can be leveraged when more information is needed across the industry. With the emergence of big and unstructured data, the technology and the reach of predictive analytics is only getting more complex, and most insurers will need a mix of internal skills development, professional services, and vendor solutions for a solid predictive modeling approach.”
Novarica Market Navigator: Predictive analytics solutions for insurers (click image to enlarge)
The complete report provides detailed, multi-page profiles of 16 vendor solutions that includes information on each vendor’s capabilities, technology, and market position. Vendors profiled include: Angoss, FICO, Guidewire, Infosys McCamish, Intellect Design Arena, ISO, ISO Claims Partners, LexisNexis, Majesco, Pegasystems, Saama Technologies, SAS, Social Intelligence, Valen Analytics, and Willis Towers Watson.
Novarica will be presenting the findings from these studies in a webinar on July 20 at 1 PM EST. Interested participants can register here.
Novarica helps more than 80 insurers make better decisions about technology projects and strategy through retained advisory services, published research, and strategy consulting. Its clients include more than 80 property/casualty and life/annuity insurers. Its knowledge base covers trends, benchmarks, best practices, case studies, and vendor solutions. Leveraging the expertise of its senior team and of nearly 400 CIO Research Council members, Novarica provides clients with the ability to make faster, better, more informed decisions. Its consulting services focus on vendor selection, custom benchmarking, project checkpoints, and IT strategy. More information at www.novarica.com.