In the world of insurance, the wider use of advanced analytics is on its way – and a recent poll by Willis Towers Watson in Europe shows just how keen insurers are.
The survey of 40 European property and casualty (P&C) insurance companies has revealed how they plan to use advanced analytics two years from now, in areas such as claims management, customer focus, and processes streamlining.
In terms of customer focus, respondents intend to take advantage of advanced analytics for enhancements like faster service (74%), easier access to information (62%), and more mobile-friendly interactions (64%).
As for more efficient processes, 90% of the polled insurers plan to tap AI and machine learning to better understand risk drivers. Other top applications include identifying high-risk cases (82%) and identifying consumer patterns to reduce risk (80%).
Meanwhile claims management is also poised to transform, with a majority of respondents (94%) pointing to claims evaluation for fraud potential as where they see themselves using advanced analytics two years from now.
Willis Towers Watson also found that P&C insurers in Europe are actively exploring technology to manage big data.