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Every insurance company has oceans of data. Many are drowning in their own data. What they don't have much of is actionable information.
Every company has near term, descriptive data. This is point in time information that provides a metric for a variable at a fixed point in time – new claims, new applications, closed claims, endorsement error rate, etc. Most companies now have insightful data. This is data that provides data over time – new PIF per day over a rolling 12-month period, new claims/day over variable time periods. Trend over time is an important directional indicator.
What few companies have is predictive data. This is getting into the arena of actionable information – information that provides the decision maker (can be at any/many levels of the organization) data/information that allows them to make proactive decisions affecting the going forward business, not just data that they react to after the fact.
Progressive thinking organizations have an overt strategy for using all three kinds of data and leveraging both internal and external data and analytics to provide actionable predictive data that leads to competitive advantage.
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