The ability to accurately define risk and determine policy premium has been at the heart of the insurance business since the late 17th century. Over the years, the science of rate making across all lines of business has become ever more sophisticated and never more so than now with the explosion of Big Data. Insurers have access to more data than ever before and the ability to make strategic use of this information throughout the life cycle of customer policies is pivotal to engineering the right conditions for business success.
Today, with the availability of more data (unstructured data, telematics, social network, and behavioural data), traditional methodologies are used jointly with innovative risk assessment methodologies; as used independently they are unable to draw from these new, vast and more complex data sets.
So, as the industry innovates to adapt to the changing face of risk and consumer expectations; how can insurers expect to benefit from the move to embrace enriched intelligence from these new data sources?
This article sheds light on the future of risk scoring and the top five anticipated benefits.
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