How Insurance Companies Are Using Data and Analytics to Stay Competitive

London (ots/PRNewswire) -

Process excellence network recently caught up with some of
Europe's leading insurance companies Vitality, Axa and Groupama to
explore the ways they are using data and analytics to stay
competitive in the industry. From the use of predictive analytics to
gaining a clearer picture of customer lifetime, learn from their
experience in our exclusive 9 step article. Download your copy here
http://bit.ly/2hWnbcZ

Lessons include not blindly jumping on the buzzword bandwagon
Pierre du Toit, Head of Technical Pricing & Big Data Analytics,
Vitality notes the importance of prioritising the right data projects
that are likely to end in driving actual value to your customers and
to the wider insurance organisation. "... start small and show the
value of data to the company - this way you'll get business buy-in
and gradually build momentum over time. Being agile and showing value
very quickly is very important for longer-term success within a
company."

Other findings were to begin with integration at the front of your
infrastructure strategy. Barry Hawkins, Head of Dynamic Underwriting
and Pricing, AXA explains: "A comprehensive data source [stores] the
data in one place where marketers, pricing professionals and, to some
extent, claims analytics can use the same data to drive a single view
of customers/ a product/ a portfolio - then you can drive a
company-wide strategy."

It is vital to gain a clearer picture of customer lifetime value,
Barry Hawkins notes that certain amounts of data are focused on
hygiene - whether the client is who they claim to be. For basic
pricing, it is important to identify the kind of risks that need to
be avoided. Data should produce a lifetime value view of a customer
to highlight the high value clients.

No two customers are the same, so why price the same when
considering their businesses? Those companies who look at customer
lifetime value (CLV) have been shown to be far more profitable than
those that don't and big data analytics makes this task far easier
than it has ever been.

For the full findings download the article here:
http://bit.ly/2hWnbcZ

For more information about Big Data & Analytics for Insurance
conference visit https://dataanalyticsinsurance.iqpc.co.uk .

ots Originaltext: Process Excellence Network
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