New research is now revealing the strong place that predictive analytics technology has in the insurance industry. In its all-new “2013 Insurance Predictive Modeling Survey,” Earnix reveals that predictive modeling and analytics play a key role in helping insurers learn more from the experience of their counterparts and how the technology is used more generally throughout the industry.
Responses were garnered from over 260 participants, all North American insurance professionals, uncovering that the use of predictive analytics in the space is currently stronger than ever. In fact, the survey’s findings show that as many as 82 percent of respondents currently use predictive modeling in one or more lines of business – from personal auto to homeowners to commercial property.
According to the respondents, predictive technology – including predictive dialers in call centers – has enabled insurance companies to enjoy a plethora of competitive advantages and benefits, including:
- Drive profitability (85 percent)
- Reduce risk (55 percent)
- Grow revenue (52 percent)
- Improve operational efficiency (39 percent)
An additional key finding from the survey included the role of big data in modeling initiatives, which is pretty big. Of the companies with more than $1 billion in gross written premiums, over half (51 percent) either currently use big data or are evaluating or implementing big data initiatives, compared with 30 percent of the companies with less than $1 billion GWP.
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