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WorkCompRecap: Analytics Analysis!

July 14, 2016 - WorkCompWire

Today’s issue of WorkCompRecap features Valen Analytics’ recent release of the results of its second annual underwriting analytics survey, which found that more insurers continue to adopt predictive analytics in underwriting, but internal synchronizing strategies and sharing results with outside entities like ratings services remain sources of difficulty.

Valen noted that predictive analytics use has increased year over year, and that apprehension over underwriter adoption also dropped significantly, decreasing by 52% versus last year. Over half of carriers do however continue to express an internal struggle between actuaries and underwriters over price. Externally, many carriers are still having issues making the case for analytics, with only 21% feeling effective in conveying their results and ROI to ratings agencies. Securing and retaining data and analytics talent also remained an issue.

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