As analytical efforts mature at an organization, it becomes increasingly important to build cross-functional teams in which data science is the primary focus and tool.
There has been a great deal of press and research released in the last several months that have begun to question the how and the when of the advanced safety systems that have begun to make strides within the market. Specifically, what percent of the overall vehicle fleet/auto claim count now has these systems; how well do these systems work in reducing both loss frequency and costs; and when can the industry expect to see measurable impact in both frequency and costs?
Companies are lured in, spending oodles of money on functions and features they donít really use to their full advantage early on in the transformation process.
Although access to markets is more readily available, consumers still seek advice and guidance from agents before making policy decisions.
Blockchain is likely to play a major role in the reshaping of insurance, but many carriers are still in learning mode.