Insurance and reinsurance companies still struggle to turn raw digital information into analysis and insight. Data pervades every aspect: underwriting, claims, portfolio.
Data wrangling to find patterns
Across the policy life cycle and customer journey, it’s all about enabling access to information and tapping the latest methods for finding patterns in raw data to:
- identify profitable growth opportunities
- develop insurance policy language and wordings
- underwrite and assess risk with more precision
- increase operational efficiency
- manage claims—more seamlessly, accurately, and quickly
- manage accumulation of exposure to catastrophes and extreme events
The world’s leading data and analytics firm in the insurance sector, Verisk, helps clients with all of the above as it handles billions of transactions every year.
Finding patterns is hard without these factors: large-scale data ingestion, processing, staging, analytics, modeling, automation, and artificial intelligence (AI) by function and class of business. The data and data science demands are simply overwhelming for insurers and reinsurers; they’re exhilarating for Verisk.
“We have contributory, proprietary, and third-party data,” says Maroun Mourad, president of commercial lines at Verisk’s ISO business. “We use computational technologies, cloud computing, AI, and deep learning techniques to interrogate the data and derive actionable insights from it.”
Verisk helps clients globally in insurance, energy and specialized markets, and financial services to wrangle and find patterns in the volumes and variety of new data and information from emerging technologies. Forbes magazine has recognized Verisk as one of the “World’s Most Innovative Companies” for three consecutive years.
A personalized experience powered by data
There’s a growing demand for businesses and individual customers to have a personalised experience. Insurers need to augment their capabilities to bring a human touch to functions where experience and relationships can make the most impact. The issue of talent drain compounds the problem.
Customer experience is powered by data analytics and software. The insurance industry, like all industries, is living at the intersection of technology and data analytics. Wherever possible, information flow should be automated to close the gap.
What’s coming for the industry
Plenty of opportunities exist for growth as well as new or escalating exposures: cyber risk, business interruption, climate change, autonomous vehicles, the Internet of Things (telematics, whether in cars, homes, or commercial properties), civil commotion, earthquake, extreme events, and more.
But amid the opportunities are warnings and danger signs for the insurance industry. Caution can be another name for complacency, and very few industry players have the resources to innovate without collaboration. To continue meeting customer needs, the industry must ensure that innovation keeps pace with a fast-changing world.
Verisk is a leading data analytics provider in insurance, energy and specialized markets, and financial services. Using advanced technologies to collect and analyse billions of records, Verisk draws on unique data assets and deep domain expertise to provide first-to-market innovations that are integrated into customer workflows. Verisk offers predictive analytics and decision support in rating, underwriting, claims, catastrophe and weather risk, global risk analytics, natural resources intelligence, economic forecasting, and other fields.