The Power of Analytics for Insurance

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“You Ain’t Seen Nothin’ Yet”

Boston, Mass. (Aug. 17, 2017) – Strategy Meets Action has released a new blog, “The Power of Analytics for Insurance: You Ain’t Seen Nothin’ Yet, ” by Mark Breading, Partner, SMA.

Few people today would argue about the value of data to an insurer, or the power and potential of analytics. Insurers have been leveraging data, business intelligence, and more recently, predictive analytics solutions to gain more insights and inform important business decisions. There is still much value in these areas, and there is still work to be done to modernize some of these capabilities and gain further benefits.

Meanwhile, on the horizon and fast approaching is a new set of capabilities that will take analytics and the power they can bring to the next level. Artificial intelligence (especially machine learning), cognitive computing capabilities, new geospatial data and technologies, and preventative analytics promise to yield differentiating capabilities to insurers bold enough to leverage them.

The challenge many have is sorting through all the potential capabilities in the data/analytics space and developing a strategy and plan that aligns to and supports their business strategy. Keeping track of the new developments and how they might be applied to specific business problems or opportunities is daunting. To aid insurers, SMA has recently updated our SMA Data and Analytics Spectrum. This framework has already been used by many as a way to understand what types of capabilities are needed to address specific types of business questions as well as to filter and assess tech solution providers.

The SMA Spectrum has five areas, and our research highlights the fact that the industry, in general, has made great progress in three of those areas but is lagging in the other two.

Click here to read the full blog.

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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