Analytics is table stakes if the global life insurance industry is to face its challenges across the value chain: Aite Group report
Boston, MA (Dec. 6, 2017) — Aite Group’s latest report, Analytics in Life Insurance: Case Studies Across the Value Chain, unveils case studies on life insurance analytics projects taking place at various carriers across the world and highlights the potential benefits of using analytics. In one study that focused on digital marketing analytics for a life insurance carrier, a new underwriting process delivered a 25% improvement in underwriting results over existing processes. In a different study regarding policy lapse, analytics helped predict the probability and timing of policy lapses, which in turn improved the efficiency of the call center in retaining customers.
“Analytics is the answer to so many of the challenges carriers face today, both in terms of operations and of sales and revenue,” says Aite Group senior analyst Samantha Chow.
This report is based on in-depth interviews, which took place from June to October 2017, with five life insurance carriers (Fukoku Mutual Life Insurance Company, Platinum Life, two Tier-1 carriers from the U.S., and one leading insurer from India) and their vendor counterparts (Atidot, Aureus Analytics, EXL, and IBM).
About Aite Group
Aite Group is a global research and advisory firm delivering comprehensive, actionable advice on business, technology, and regulatory issues and their impact on the financial services industry. With expertise in banking, payments, insurance, wealth management, and the capital markets, we guide financial institutions, technology providers, and consulting firms worldwide. We partner with our clients, revealing their blind spots and delivering insights to make their businesses smarter and stronger. Visit us on the web and connect with us on Twitter and LinkedIn.
Source: Aite GroupTags: Aite Group, analytics, Case Study, Life Insurance, report