P&C insurers must harness Big Data: report

Using Big Data will better position companies for growth

Canadian P&C insurers that harness Big Data to gain insight into customer preferences are better positioned for growth, according to Ernst & Young.

The firm’s 2013 Canada P&C insurance outlook notes that by using Big Data to look beyond traditional analytical tools and capabilities, insurers can better meet customers’ needs, and improve their cross-selling and retention initiatives.

Read: Canada has fallen behind competition in using Big Data

“Integrating and leveraging data throughout the insurance sales cycle can improve underwriting, customer service and claims experience,” explains Doug McPhie, partner and Canadian insurance leader at Ernst & Young. “For example, most customers are open to cross-selling, but insurance companies aren’t taking advantage of these opportunities.”

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This story was originally posted on our sister site, Advisor.ca, on April 4. 

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