Today’s issue of WorkCompRecap features the release of the 2018 Outlook Report from Valen Analytics, an Insurity company, which examined the increasing divide between insurance companies making incremental technological advances, and those that believe it’s time to disrupt the insurance ecosystem.
Valen noted that the divergence in viewpoints is particularly obvious when looking at the disparity between insurers who’ve adopted predictive analytics and those who have not. One example included in the study examined an insurer that implemented analytics for risk selection purposes that allowed underwriters to see predicted future performance on individual policies, and as a result, increased the proportion of non-renewals in higher-risk business, thereby increasing the profitability of new and renewal business. The report also includes a breakdown of how using “embedded” or predicted profit can help insurers assess the impact of data analytics in real-time.
Find out more (including a link to the free report!) by clicking here!