AI & DATA
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“ Data analytics has radically transformed the industry by allowing insurers to enrich the customer experience at all points of the policy lifecycle ”
— Norman Black , EMEA Insurance Solutions Director , SAS
Q : How would you summarise the effect that data analytics has had on the insurance industry ?
A : Data analytics has radically transformed the industry by allowing insurers to enrich the customer experience at all points of the policy lifecycle , from policy inception through to claims processing . More specifically :
• It enables insurers to design innovative products and services that maximise customer engagement .
• Helps actuaries and underwriters to more accurately assess risk and respond to complex and shifting regulatory and compliance demands ( e . g ., IFRS 17 , Solvency II , LTDI ).
• Empowers investigational units to detect , prevent and even predict fraud .
• Allows insurance to extract more value from large and growing data troves made available through artificial intelligence ( AI ), machine learning , internet of things ( IoT ) and more .
Q : How are analytics platforms helping to reshape insurer decision-making ?
A : Rapid , accurate and incisive decisionmaking is the ultimate objective of an analytics platform . Put simply , data and analytics don ’ t drive an insurer : decisions do ! An effective end-to-end platform such as SAS enables insurers to take advantage of all relevant data and extract insights . Most importantly , it also deploys and operationalises