How can insurance companies use analytics to achieve growth and profitability? In this chart of the week, I’ll discuss how integrating analytics into insurance distribution can enable high performance.
Top 10 reasons insurers should integrate analytics into their distribution strategy
Accenture research has found that analytics is an integral part of a high-performing business. In particular:
- On average, companies that invest heavily in advanced analytical capabilities outperform the S&P 500 by 64 percent.
- Companies with robust analytical capabilities recover from economic downturns more quickly. They also react to market changes with more agility and flexibility.
In insurance distribution, the use of predictive analytics is still evolving.
- Descriptive analytics help insurers understand a certain situation.
- Predictive analytics help insurers determine the impact of the situation and respond appropriately.Insurers that apply analytics to their distribution strategy can:
- Determine which customers offer the best growth opportunities.
- Drive deeper insights to find markets to focus on.
- Identify the agents they should hire and deploy.