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External Data Analysis Drives Insurance Company Success

Insurance is a centuries-old industry built on the foundation of data collection and analysis
to evaluate risk and reward. Industry practices have led insurers to obtain and review vast
quantities of data on their customers, but have found this internal data collection wanting.

The rise of social media, company loyalty programs and content marketing have created a
boom in external data, both structured answers and unstructured input, that partners are
willing to sell directly or provide access to.
The increased availability of information has expanded the use of data analysis for property
and casualty insurers from product management to a customer-focused model that pro

vides a backing for marketing and pricing as well as claims and underwriting. The trick for
insurers is now in data selection and analysis.

Market availability of external data is at its apex and the corresponding noise is at an all-time
high, leaving insurers uncertain of data’s value before full analysis. To cut through the noise,
insurers must improve their data management and analytics resources by integrating data
and de
fi
ning risks across each department.

Insurers will also need to develop project plans that include the time and patience needed
to process external data, potentially multiple times, as they learn which information proves
useful to better understanding their customers.
With this data resting at an insurer’s
fi
ngertips, the question is now: how can property and
casualty insurers best bene
fi
t from increasing the use of external data across their business
operations and what stands in the way of proper analysis and execution?

To address the concern, this brie
fi
ng will show what gains property and casualty insurers are
experiencing and where their integration efforts have slowed.

Full Report: http://www.datadrivenbiz.com/insurance-analytics/pdf/External-Data-in-Insurance_USA_Executive-Briefing.pdf

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Inteneo Systems – We can integrate external and internal data into a single powerful data analytics engine quickly and economically. http://www.inteneosystems.com 406-531-8119

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