Survey of insurance professionals highlights the analytics ambitions of the sector
Recent figures from FCBI illustrated the impact that analytics is having on the Insurance sector.
Perhaps one of the most telling statistics in the June 2014 report was the revelation that 72% of insurers agree that & lsquo;Analytics is the biggest game changer for the industry in 2014-15.’ This statistic reveals an attitude within the industry that would suggest that there is still a great deal of potential within the sector, particularly when coupled with the statistic that 63% of insurers are planning to increase their spending in the next twelve months.
The findings of FCBI’s survey suggest that despite the successful implementation of analytics to areas like pricing and underwriting, there is still a great deal of potential for even more growth as more organisations look to build on this.
InterQuest Group division IQ Analytics, who are specialist recruiters for analytics skills, read the survey with great interest, observing a great deal of correlation between FCBI’s findings and the trends that they themselves are seeing in the demand for analytics professionals.
IQ Analytics Managing Director David Di Domenico observed that, "We have some very well established relationships with organisations, both large and small, within the insurance sector, and the importance of analytics to the industry has been very well documented for some time. In the last 18 months there has certainly been an increase in the number of organisations who are investing in data driven initiatives within different areas of their business to continue to drive profit and gain competitive advantage. It is very interesting to see that the majority of those surveyed in this report saw underwriting as the area that had the most to gain from analytics. Conversations with a number of our clients in relation to their hiring plans, combined with trends in the requirements for professionals that we been recruiting for, would suggest that areas such as pricing, claims and fraud will be just as prominent in the coming months. One thing that is certain is that organisations in the Insurance sector are now starting to take analytics seriously."