EY: Pay attention to data analytics

There's profit in customer information

P&C insurers looking to increase profit margins should concentrate on data and analytics, EY’s 2015 Canada property-casualty insurance outlook revealed.

“Companies have access to a lot of structured and unstructured data, such as information about customers’ lifestyles, online experiences and even driving habits,” says Marc-Andre Giguere, EY’s National Insurance Leader. “Analyzing this data will require a new approach and significant investments in people, hardware, software and technology. But ignoring analytics will be very detrimental to P&C insurers in 2015 and beyond.”

Telematics offer insurers another source of information about customer data, and many clients are eager to take on usage-based pricing.

Insurers should evaluate “the value a customer can bring over a lifetime, and creat[e] a more efficient claims process,” says Giguere.

Copyright © 2017 Transcontinental Media G.P.
Transcontinental Media G.P.