Predictive Analytics in Insurance: 2016 IT Vendor Spectrum
A growing proportion of insurers are looking for solutions that can help them make better decisions, and predictive analytics is a key enabler because it not only allows insurers to better understand the past but also provides valuable inputs to anticipate the future.
In a period where insurers need to improve the basics of their business around crucial processes like sales and marketing, pricing and underwriting, and claims management, we think it is important to publish this report profiling vendors and their predictive analytics solutions.
This report provides a detailed description of IT vendors and their offerings in the predictive analytics for insurance area. It profiles 15 IT vendors and some with multiple predictive analytics systems. It is not restricted to a specific geography.
Each vendor is profiled using the same structure, starting with a synoptic table presenting the company and its solution. Celent describes the solution’s offering options, the customer base, data sources supported, functionality, predictive analytics, and modeling capabilities and technology as well as implementation and costs.
“While many insurers have already started to invest in modern predictive analytics tools, we think there will be an increasing interests in this area with focus on pricing risks better, better understanding the risk to be underwritten, and enhancing claims fraud mitigation “ says Nicolas Michellod, Celent insurance senior analyst and coauthor of the report. “These are key elements that directly affect insurers’ technical ratios, and they need to improve them” he adds.
The vendors profiled in this report are: Clyde Analytics, Earnix, EXL, FICO, Guidewire, Hugin Expert, IBM, INFORM GmbH, Intellect Design Arena Inc., LexisNexis Risk Solutions, SAP, SAS, Shift Technology, Valen Analytics and Verisk Analytics. Although this list is not exhaustive, we think it provides a valuable sample of vendors, which already have experience of implementations in the insurance industry.
This 86-page report is available to all Celent insurance subscribers.
Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned subsidiary of Marsh & McLennan Companies [NYSE: MMC].
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