DENVER-(BUSINESS WIRE)-Valen Analytics®, an Insurity company that provides proprietary data, analytics and predictive modeling for P/C insurers, today published its sixth annual 2019 Outlook Report.
Data analytics tools offer insurers an edge in this market, enabling automation and scalability to improve customer experience and pricing.
Synthetic variables appended with consortium data have up to 13 times more predictive power than variables built with policy-only data.
On the talent and IT management front, the report finds that 73% of insurers surveyed indicate moderate to extreme difficulty in finding data and analytics talent and that most insurers report an IT backlog of two to three years.
“Data and analytics have reached a strategic level of importance for industry players looking to get ahead of the curve. Leading insurers are leveraging data analytics as the gateway to all components of innovation, rather than limited to a specific use for individual products or initiatives.”
The 2019 Outlook Report, including the 2018 Valen Underwriting Analytics survey results, can be found at www.
Valen Analytics, an Insurity company, provides proprietary data, analytics and predictive modeling for property and casualty insurers.