11 Keys To Predictive Analytics In 2021

According to Willis Towers Watson, more than two-thirds of insurers credit predictive analytics with reducing issues and underwriting expenses, and 60% say the resulting data has helped increase sales and profitability.

That figure is expected to grow significantly over the next year, as the inherent value of predictive analytics in insurance is showing itself in myriad applications.

Predictive analytics tools can now collect data from a variety of sources – both internal and external – to better understand and predict the behavior of insureds.

Property and casualty insurance companies are collecting data from telematics, agent interactions, customer interactions, smart homes and even social media to better understand and manage their relationships, claims and underwriting.