Data-driven analytics are transforming industry after industry, and insurance is no exception. Across the value chain, industry leaders are investing to infuse data science and analytics into every facet of their business. Often, digital innovations are framed by incremental and internal priorities, such as “how do I increase efficiency and reduce costs?” However, there are much greater opportunities to unlock value through new products and services by looking more holistically at the underlying digital ecosystem of any given industry.
For instance, take our major accounts customers and the information we receive about commercial property risks. We constantly strive to improve the quality of the data we receive, and the efficiencies to which we put this data to work in our underwriting and risk management practices. However, the availability of digital twins for properties, and their risk characteristics, opens up new possibilities for insurance to help with the risk management of properties. Connected data and real-time analytics can improve how we think about changes in exposure and loss notification. Now also imagine the opportunities to address resiliency to climate change, or to predict and prevent incidents from happening in the first place?