Today’s issue of WorkCompRecap features Valen Analytics’ recent release of its sixth annual Outlook Report, which identifies evolving technology-based economies, informed by data, as the primary determinants in shifting dynamics within the insurance industry.
Key findings in the 2019 edition included that small commercial market growth is fueling demand for data analytics solutions, as they offer insurers an edge in this market, enabling automation and scalability to improve customer experience and pricing. Data consortiums were also found to provide a significant competitive advantage, as appending this data can provide 13x the predictive power vs policy-only data. Finally, the incorporation of analytics into underwriting strategy is higher among insurers at 77% compared to 60% in the last three years.
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