Other parts of this series:
- Commit and invest: Winning with Analytics, Part 1 | Insurance Insight of the Week
- People first: Winning with Analytics, Part 2 | Insurance Insight of the Week
- Data sources, tools and techniques: Winning with Analytics, Part 3 | Insurance Insight of the Week
- Smarter decisions can help insurers embrace change: Winning with Analytics, Part 4 | Insurance Insight of the Week
High-performing companies continuously deliver above-average business performance. With richer data and superior tools, high performers are able to outpace the pack.
Complex decision-making support requires more data sources, smarter tools and advanced analytics techniques. Global, cross-industry research conducted by Accenture Analytics and MIT reveals that high performers outpace lower performers in their provision of data and analytics. Let’s look at the results in this Insurance Insight of the Week.
High performers use a wider variety of data sources, tools and techniques
Click the image below for a large version of the Insurance Insight of the Week.
High performers gain a competitive edge from their use of broader data sources and more advanced techniques—but to be truly data-driven, insurers need to embed the ability to make informed decisions at every level of the business. For example, Accenture Technology Vision for Insurance 2016 highlights the example of a large US insurer that combined data and machine learning to enable a 15-fold improvement in detecting fraudulent workers’ compensation claims.
To learn more about the results from the Accenture and MIT Alliance in Business Analytics study, download Winning with Analytics (PDF). Thanks to Brian McCarthy and Lynn LaFiandra at Accenture, as well as David Simchi-Levi and Jyo Gadewadikar at MIT, for their work on the study.