Over two-thirds of the carriers participating in a recent Eastbridge study indicated they currently use data analytics for at least some portion of their voluntary business or are working towards implementing the process. Of the carriers not currently using or researching a data analytics process, nearly half have plans to begin researching and/or using the capability in the next three to five years. For the majority of these carriers, the ability to better understand and meet customer needs, provide better customer service, and increase persistency are the primary objectives for integrating data analytics into their voluntary business.
When asked about the primary obstacles they have already faced or expect to face while implementing a data analytics process, the top two mentioned were data quality issues and difficulty in gaining quick access to data that is spread across multiple internal systems. To overcome these obstacles, some carriers have developed better query processes or have created standard definitions to improve data quality. Others mentioned using outside vendors or partnering with third parties to improve upon their existing internal data.
The Data Analytics and Voluntary Frontline™ Report offers a better understanding of the usage and inclusion of current data analytics processes by voluntary carriers as well as the future trends for data analytics in the market.
Data Analytics and Voluntary is an Eastbridge Frontline™ Report
Eastbridge Information Partners™ and survey participants receive the report, as well as other Frontline™ Reports, free of charge.
Eastbridge Consulting Group, Inc. is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada.