Carriers participating in Eastbridge’s Data Analytics and Voluntary survey named a variety of functions, areas and processes impacted by the results gleaned from their data mining and analysis. Some mentioned general impacts such as aiding in the development of business goals and strategies, while others listed specific areas to which the data has been applied. These include sales reporting; persistency, participation, underwriting and renewal risk assessments; identification of fraudulent claims; buyer and non-buyer analysis; and agent performance and effectiveness. Some carriers indicated using the data results to improve workflows and to develop new conservation programs and enrollment tools. In the future, carriers expect to use more of this data to effectively target potential buyers and assess underwriting risk as well as to develop new products or improvements in existing plan designs.
The majority of data used or that carriers plan to use originates from in-house sources, primarily their policy issue and customer services centers but also their billing and electronic enrollment systems, and financial and actuarial systems. About one-third of the carriers either use or intend to use both in-house and outsourced resources and expertise. Over the next two years, carriers expect to use more data from social media sites, credit agencies and various consumer purchasing services.
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.