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  5. Analytic Strategy Execution – Life and Annuity Insurer Practices and Priorities

Analytic Strategy Execution – Life and Annuity Insurer Practices and Priorities

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10 June 2020
Marty Ellingsworth

North America Life Insurance Edition

Abstract

Data, AI, and cloud are growing areas of IT and business emphasis across the world. These trends are accelerating now especially as digitization and no-contact, no-cash transactions grow due to COVID-19. This report is based on the results of a survey sent to life insurance CIOs in North America. The survey focused on data and analytics. A special question for COVID-19 was added to see how executives were thinking about their data, AI, and cloud priorities.

The objective of the survey results presented here is to:

• Understand what is important to get value from data.

• Define key risks to realizing that value.

• Identify new types and sources of data.

• Identify new types and sources of computation and analytics.

• Learn how companies manage teams and organizational structure.

The report concludes:

• The data types perceived as currently adding the most value to the business are the underwriting uses of electronic health records, predictive scores from insurer and public data, pharmacy records, and customer profiles.

• Underwriting innovations for fluid-less operations is a trend that has accelerated with COVID-19 concerns. Data and models are adding significant value.

• Priority areas for analytics are underwriting, customer insight, fraud, marketing, and customer experience.

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