Predictive Analytics Delivers Business Value for Underwriting Risk, Profitability Models, and Financial Projections

Increasingly rich vendor market available to carriers when considering providers of predictive analytics solutions and services: Novarica Profiles 19 Vendor Solutions

Boston, MA (June 12, 2018) – The insurance industry has been identifying patterns of risk from large pools of information to predict future risk based on those patterns for hundreds of years – predictive analytics is merely an intensification of this practice. While predictive analytics is still in its early stages for many insurers, it is delivering business value for a large minority or small majority of those leveraging this powerful tool. Because many vendors who sell predictive analytics offerings also sell other data analytics components or other components of the insurance system suite, it can be difficult to identify the appropriate solution. In its latest Novarica Market Navigator, Predictive Analytics Solutions for Insurers, research and advisory firm Novarica outlines the available predictive analytics software solutions currently available to US insurers to help both property/casualty and life/health/annuity carriers understand their options.

“Insurers are always looking for that new variable evaluating risk that can be put into a factor table and applied to all applicants,” said Jeff Goldberg, Senior Vice President of Research and Consulting, and co-author of the report. “It’s a subtle nuance, but those actuarial models are looking to assess risk at a general level across a book of business, utilizing demographic data in aggregate to support risk pooling, while predictive models are looking to make determinations about a specific, individual case.”

The report provides detailed profiles of 19 vendor solutions that include information on each vendor’s capabilities, technology, and market position. Vendors profiled include: Angoss, Atidot, Carpe Data, Guidewire, Infogix, Infosys McCamish, Intellect SEEC, ISO, LexisNexis, LTI, MFX, Pegasystems, Saama Technologies, SAS, Valen Analytics, Willis Towers Watson, and Zensar Technologies.

A preview of the brief is available online.

About Novarica

 Novarica helps more than 100 insurers make better decisions about technology projects and strategy through retained advisory services, published research, and strategy consulting. Its knowledge base covers trends, benchmarks, best practices, case studies, and vendor solutions. Leveraging the expertise of its senior team and more than 300 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. For more information, visit www.novarica.com.

Source: Novarica

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