Recent years have seen more life insurers adopting the predictive analytics that have become standard in P&C markets – that is using past experience to generate competitive advantage by identifying patterns and trends that help predict what may happen next and using them to inform future business decisions.
Opportunities in the life market to derive benefits from a more analytical approach still abound.
With our powerful combination of consulting and technology solutions, we’re supporting life insurance clients to improve performance in a wide range of areas including:
- Understanding customer behaviours and improving customer experience
- The sophistication of mortality/morbidity analysis
- More agile, dynamic pricing
- Stronger in-force management
- Better retention management, cross- and up-selling
- Insight into claims trends
- Effective portfolio monitoring
“Two thirds of life companies that already use predictive analytics report that their use has had a positive impact on the business – none report negative outcomes.”
Source: ‘European life insurers eye predictive analytics treasures’ – Willis Towers Watson 2020 Life Insurance Predictive Analytics Survey (Europe)
Through our experience, a key challenge we help life insurers address across all these areas is data capture, availability and enrichment, including the identification and integration of valuable third-party data sources.
Our technology solutions provide the flexibility to overcome IT infrastructure limitations. They also offer the depth of analytics, automation and artificial intelligence capabilities that can enhance the operational agility and speed to market that will be important competitive factors in progressively more digital life insurance markets in years to come.
