Technology priorities for commercial insurers, according to Novarica
Mo Data stashed this in Big Data in Insurance
#1 & #4 have heavy Data Implications. And we're not even talking particularly Big Data yet - just straight data (which I like, as 90% of value will be derived from some pretty straightforward analytics)
#1 Business Intelligence
Carriers are investing in business-intelligence tools with an ultimate eye toward using models to improve underwriting insights, claims activities and to apply more consistent pricing, according to Novarica. The firm says many commercial-lines insurers have existing reporting and analysis capabilities in place, such as packaged solutions. But, Novarica adds, "Carriers are starting to produce more complex data-analysis models and enhance their ability to look at multi-dimensional data to the business units."
- “The ability to gather, store and retrieve the appropriate data elements neeed to gain insights by improving data models—including data warehouses, operational data store (ODS) and datamarts.
- “With increasingly sophisticated models, the ability for the business to use reporting tools to look at multidimensional data.
- “Carriers are increasingly using external providers for data or data analytics. These components may include estimating tools or may come with a data-pooling feature allowing smaller carriers to piggyback off the data of others. Some carriers are also utilizing analytical services. Data is provided to the vendor who then performs a service such as fraud analysis or compliance reporting.”
#4 Agent Portals
According to Novarica, commercial insurers are increasingly extending functionality to agents. “Carriers are maximizing the amount of no-touch interactions via provision of information in electronic form,” the study says.
Agent portals are common in commercial lines and usage is continuing to grow, says Novarica, noting that many carriers are already on their second- or third-generation portal release. “A highly important feature for commercial lines is the ability to attach files and import spreadsheets, particularly for accounts with large vehicle or location schedules,” says the study.
- “Online policy-document access (policies, invoices, correspondence, etc.).
- “New-business submission (including BOP quoting).
- “File-attachment support and spreadsheet import.
- “Agency Management System connectivity (upload/download).”