Insurers missing out on big data opportunities
A large number of insurance companies are missing out on the opportunities provided by big data. A survey by Bain & Company found that 1 in 3 life insurers and 1 in 5 P&C insurers are not applying big data advanced analytics to any business function.
Without tapping the mine of information available, the survey shows that those insurers are lacking the ability to gain consumer insights which could give them a competitive advantage.
Even the insurers that are using big data tend to only do so for two functions – sales & marketing and fraud – but Bain & Company’s research shows three areas where decisions can be improved by data usage:
- Customer experience – making interactions easier, faster and less expensive
- Innovation – using data to help create new insurance products or expand markets
- Underwriting & claims – cutting time and cost for due diligence; or to make more accurate forecasts
"The most successful insurers break out of the silo and involve business stakeholders across the organization to inform the analytic development process. The result is insights that are more likely to be adopted by the front line, thereby giving them a competitive leg up in the industry," said Lori Sherer, who leads Bain’s advanced analytics practice and co-authored the report.
Online insurance marketplace on target for $100 million revenue
Seattle-based online insurance marketplace QuoteWizard is set for $100 million in revenue in 2016, a record year for the firm. The business, which launched a decade ago, announced that it is moving into new Denver offices amid strong growth.
According to the firm’s founder and CEO, Scott Peyree, the company expects its relationships with insurance carriers and agents to continue growing, as only one-third of agents in the US currently purchase leads online. The network currently comprises more than 8,000 local agents across all 50 states focused on home, auto, life, and health insurance.
Safe-Guard appoints new Canadian GM
Scott Ashby has joined Safe-Guard Products International as general manager for Canada. Ashby has more than 15 years experience in finance and insurance and was most recently Aftersales Program and Operations Manager for Nissan Motor Corporation and National Manager of Nissan Canada Extended Services, Inc. which offers financial and insurance products to Nissan and Infiniti dealers across Canada.
Safe-Guard Canada has been in operation since 2001 and has a number of high-profile clients including Harley Davidson, Honda, Mercedes-Benz, Nissan Canada and Porsche. It saw contract volume growth of over 70 per cent in 2015.
