LONDON – The insurance industry must be prepared for future market challenges, the quickening pace of customer-driven commerce and the continuing spread of the digital economy, says Ovum. According to the independent global analysts, insurers can improve their competitive position by implementing predictive analytics and using the wealth of rich data available from social media channels and conceptual sources such as the ‘Internet of Things’. A new report* from Ovum suggests that in order to be better prepared, insurers should focus on creative initiatives that analyse data from a number of sources, including social media, third parties and machine-to-machine communications. By concentrating predictive analytics on key areas of the business – namely business operations, marketing and customer relations – insurers will be able to determine which markets to enter or leave, shape target market initiatives and estimate potential losses for the book of business as each customer is added. Insurers are already
Ovum says insurers must deploy predictive analytics to navigate through future complexity and chaosWritten by Jon Seals
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