Big Data, A.I., Geospatial Revolutionize Insurance Analytics

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New SMA Data and Analytics Spectrum to Aid in Strategy and Planning Unveiled

Boston, MA (July 27, 2017) – Strategy Meets Action (SMA), a leading insurance strategic advisory firm, has just released a new research report, A New Era of Analytics in Insurance: Leveraging the SMA Data and Analytics Spectrum. The report highlights how data and analytics have evolved by introducing an updated version of SMA’s Data and Analytics Spectrum.

“Insurers and solution providers have used the SMA Spectrum over the past several years as a tool to assess their data and analytics capabilities and plan for the future,” said Mark Breading, SMA Partner and co-author of the report. “SMA has now developed an enhanced version of the Spectrum that incorporates new capabilities and new business problems that insurers are addressing in the digital, connected world.”

Key themes of the research include:

  • Insurers have made great progress in leveraging BI and predictive analytics, but there are great opportunities to leverage new capabilities to explore the “Whys” and to become more proactive.
  • New roles are gaining momentum, as the Chief Analytics Officer position now exists at 22% of P&C personal lines companies, 19% of commercial lines, and 16% of life/annuity insurers.
  • SMA research highlights the move toward more enterprise Data/Analytics units, with almost half of insurers surveyed establishing such a group.

Karen Pauli, SMA Principal and report co-author, notes, “Analytics really is everywhere in insurance now. Every line of business, every departmental area, and many of the new InsurTechs consider analytics as central to their success. In fact, analytics is becoming a discipline in its own right, as more insurers recognize the power of harnessing their proprietary data and capitalizing on the many new data sources available in the digital, connected world.”

SMA Research Report

By Mark A. Breading and Karen Pauli

Business intelligence, advanced analytics, and data are integral to insurer’s success in the digital age. This report highlights how data and analytics have evolved by introducing an updated version of SMA’s Data and Analytics Spectrum. The field of analytics has matured and continues to advance with new types of capabilities, especially in the areas of big data, artificial intelligence and machine learning, and geospatial platforms. To aid insurers in strategies and planning for data and analytics, SMA has developed a major update to this Spectrum. This report highlights the updated Spectrum, shows new research data on how insurers are organizing for analytics and populating new roles, and provides recommendations for successfully leveraging analytics for competitive advantage.

Figure 1 highlights the 5 Key areas of the Spectrum and the business questions that are addressed by analytics:

Business questions address by the SMA Data and Analytics Spectrum

Business questions address by the SMA Data and Analytics Spectrum

Click here for the table of contents or to purchase the report.

Insurers, solution providers, and media that are interested in learning more should contact Mark Breading at [email protected]com or 614.562.8310.

About SMA

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)

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