In the past 15 years, more than 100 property/casualty insurance companies have either failed or merged into larger enterprises. The top ten insurance companies continue to grow, and the number of companies overall continues to decline. So how can the small insurer survive and grow?
In a recently released Verisk Review article titled “Champions of Analytic Innovation,” Marty Ellingsworth, president of ISO Innovative Analytics, discusses how champions of advanced analytics can drive dramatic acceleration of their organizations’ innovation and advancement. Advanced analytics — such as market research, web analytics, social networking, geocoding, vehicle telematics, and graph mining — can enhance business intelligence to address persistent strategic insurance challenges.
Using data analytics, Ellingsworth contends, is critical to moving from risk selection to risk management and transitioning from adverse selection to pricing every risk with the expectation of a long-term relationship. Armed with the science and skills of analytics, even smaller insurers can achieve striking business outcomes — for the company, employees, shareholders, and customers alike.
Learn how ISO is helping companies jump-start their predictive modeling efforts with ISO Risk Analyzer.