This Week in Analytics: News

Best of 2016: Top 10 Impacts of Emerging Tech on Insurance, Insurtech to Become Part of Traditional Insurance Landscape: S&P Report, Chief Data Officers Playing Key Strategic Role, New Study Finds, Customers, Data Stewards Still Wary of Insurers’ Intentions, Study Defines the CDO Reason, Role, and Responsibilities for 2017

 

Best of 2016: Top 10 Impacts of Emerging Tech on Insurance

Insurance is not insulated from the rise of new technologies improving the connectivity between business and customer — and customers with each other. Strategy Meets Action partners Karen Furtado and Mark Breading take a look at the future of insurance in their latest report, “The Top 10 Ways Emerging Tech Will Transform Insurance.” Read the full article now…

 

Insurance Journal: Insurtech to Become Part of Traditional Insurance Landscape: S&P Report

Insurtech has a complementary place in the traditional insurance world, despite remaining uncertainty in the industry about how it will function on a wide scale, Standard & Poor’s said in a new report.

“We do not expect traditional insurance business to be fully replaced by insurtech companies, as the insurance sector is highly regulated and capital-intensive, with barriers to entry,” S&P noted. “Instead, we are seeing larger established insurers actively invest in setting up insurtech joint ventures through which they can take advantage of their proprietary data, rather than outsourcing to pure technology-based entrants.” Read the full article now…

 

INN: Chief Data Officers Playing Key Strategic Role, New Study Finds

Early adopters of the chief data officer (CDO) role and the office of the CDO (OCDO) are pioneering a new organizational function, to go alongside IT, business operations, human resources and finance, according to a report by Gartner Inc.

The study said organizations that have made the strategic decision to introduce the CDO role are looking to get as much new value as possible from the position. Thirty percent of the 180 CDOs, chief analytics officers and other high-level data and analytics leaders the firm surveyed worldwide in July and August 2016 said they report directly to the CEO in their organizations. Read the full article now…

 

INN: Customers, Data Stewards Still Wary of Insurers’ Intentions

After Admiral Insurance quickly scuttled its attempt to leverage social media data to underwrite policies, the insurance industry appears farther away from being able to leverage certain big data sources and analytics in order to radically alter the customer onboarding process.

The UK insurer’s firstcarquote initiative was aimed at younger drivers in the market, who traditionally have paid much higher rates for auto insurance. Previous attempts to get more accurate views of younger drivers have revolved around using telematics devices, and contributed to a small boom in usage-based insurance in the UK over the past few years. Read the full article now…

 

INN: Study Defines the CDO Reason, Role, and Responsibilities for 2017

Among organizations that have created an office around the chief data officer, three primary business objectives stand out as driving forces. They are to: Improve efficiency (cited by 93 percent of CDOs surveyed by Gartner Group as a primary or secondary objective); increase competitive advantage (cited by 89 percent); and create greater customer intimacy (cited by 88 percent). Read the full article now…