91% of carriers prioritize using data and analytics technologies to inform pricing decisions
Commissioned by Equisoft as part of a new global study, this North American research will help operators plan, prioritize and make investment decisions on how to unlock the strategic value of their data to create new growth opportunities. , process optimization and improvement of the customer experience.
MONTREAL, September 16, 2021 / CNW Telbec / – In a new report commissioned by Equisoft, global research firm Celent presents the findings of a study led by executives to understand how North American insurers actually create value from their data, and how they improve their ability to expose and use their data for more than administrative purposes, while overcoming the key risks associated with realizing that value.
Research has found that:
While giving customers more of what they want, it’s important to know how pricing it optimizes business when the going gets tough;
91% of carriers surveyed prioritize the use of data and analytics technologies to inform pricing decisions;
Building actuarial pricing models is where they find that data creates the most value for their organizations.
This research was conducted with CIOs and other executives of large and mid-sized North American companies offering individual life, annuity, group and voluntary insurance products.
“The volume of data collected by insurers is increasing every second and deriving value from that data has become a hot topic that many carriers are facing,” said Mark DePhillips, first vice-president, United States at Equisoft. “Our goal with this study is to provide insurers with practical insights into what their peers are doing with their data today, and to help discover what the quick wins are, how they can actually leverage their data right now. . “
As Celent reports, higher customer expectations for modern digital experiences are segmenting the market between savvy and lagging companies, creating a strategic imperative for insurers to become more data-driven and generate more. value from their data through digitization, connectivity, analytics and automation.
“Businesses of all sizes place the highest priority on data management, business intelligence and analytics / AI,” said Marty Ellingsworth, Senior Analyst, Advanced Data and Analytics, Americas at Celent. âThey have more data than ever, from deep digital transformations and integrations with diverse data sources, and they understand that turning that data into more valuable assets is the key to sustainable competitiveness where price, ease of doing business and having peace of mind are important. “
As one assurance executive revealed in the report, “No one is responsible for the quality of the data. We have pockets of greatness surrounded by swamp moats. We put them in the cloud and sort them all.”
Click here for the full report.
In addition to the North American life and annuity market, this research will also be conducted in LATAM and APAC, and a global report comparing results across regions will be released by Celent in early 2022.
Founded in 1994, Equisoft is a global provider of advanced digital insurance and investment solutions. Recognized as a valued partner by more than 250 of the world’s leading financial institutions in 16 countries, Equisoft offers innovative front-end applications, comprehensive back-office services and unique expertise in data migration. The company’s flagship products include SaaS policy administration solution, CRM, financial needs analysis, financial planning, asset allocation, fund and portfolio analysis, quotes and illustrations, electronic application, agency management systems, as well as client, agent and broker portals. Equisoft is also Oracle’s largest and most experienced partner for the OIPA platform. With its business-oriented approach, in-depth industry knowledge, innovative technology and more than 800 experts based in Canada, United States, United Kingdom, Chile, Colombia, South Africa, India and in Australia, Equisoft helps clients meet any challenges in this age of digital disruption. For more information about our products and services, please visit www.equisoft.com.
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