How to Align Analytics
for P&C Insurers
For anyone tasked with the responsibility of reconfiguring an Analytics program to obtain maximum value – or just plain fixing an Analytics program that has gone off-plan – there are steps known to drive success. First and foremost is the development of an Analytics program with a strong business strategy alignment.
A Gap Analysis is a proven, disciplined and rigorous approach to realizing the aim of Insurance Analytics best practices. It clearly indicates the steps needed to repair, align, or re-align the Analytics program. How to fix an ailing Analytics program is no mystery. There is no better track to analytics best practices – to curing Analytics worries and woes – than the Gap Analysis.
The reasons for revisiting an Analytics program are numerous and varied. One program may have as chief impetus the continued development of strong broker relationships. Another may prioritize the development of sophisticated analytical capabilities with the aim of finding untapped pockets of profitability in its portfolio.
This white paper puts the focus on the InEdge Insurance Analytics Gap Analysis service as a means of extracting maximum value from a mature Analytics program. It presents the challenges in reviewing P&C Analytics, including the volume and complexity of insurance-specific data, the demands of regulatory reporting requirements, and the need for ever-more sophisticated analytical tools. It provides a metric for measuring whether a chosen Analytics program will deliver maximum value. It also briefly presents the steps for aligning an Analytics program.
Download this white paper for an introduction to the principles of an “Analytics Gap Analysis” and its use in maximizing the value of an existing Analytics program by aligning it with corporate objectives.