The Internet of Things, drones, social media, mobile technology and connected devices have drastically increased the data insurers can leverage across the value chain.
What are the best ways to collect and manage new data to generate insights and gain competitive advantage?
Although insurers recognize the power of analytics to grow, optimize and protect value, many continue to be overwhelmed by the far-reaching changes required to transition to value-driven decision-making.
What cultural and organizational changes are necessary to become data-driven and analytics-led?
Leveraging data to improve underwriting and product development will drive revenues and profitability by speeding entry into profitable niches.
Which functions and processes should enhanced first?
Sensor data: how insurance innovators and early adopters are improving performance
Sensor data usage: leaders vs laggards
Leaders focus on core business capabilities
Market and sell
Model and manage risk
Usage-based insurance (UBI): welcome to the new normal
UBI has gained traction because it has the potential to generate substantial benefits, including:
Reduction in claims cost
Reduction in policy administration cost
Download EY UBI report >
- More effective policy pricing
- Substantially lower acquisition costs
How EY can help
EY’s global insurance team of strategists, technologists and process and functional specialists helps insurers of all shapes and sizes address critical issues and meaningfully improve performance to deliver value for consumer and company alike:
Value for insurer:
- Improved pricing and higher profitability
- Stronger risk identification and underwriting efficacy
- More precise customer segmentation
Value for customer:
- Improved pricing
- Increased responsiveness
- Tailored experiences created through IoT and sensor inputs