A.M.BestTV: Insurers Uncover New Opportunity in Old Data

OLDWICK, N.J.--(BUSINESS WIRE)-- This A.M.BestTV episode looks at a new report that explores emerging opportunities for insurers by focusing more intently on the data they already have to better identify and service customers and prospects.

The report from Novarica, titled, “Challenges and Opportunities in Enterprise Data for P&C Insurers,” looks at how insurers are looking at more efficient and profitable ways to underwrite big data risks. Mitch Wein, vice president of research and consulting at Novarica, says enterprise data (data that spans across a carrier or insurer) allow insurers to understand their customers better. A challenge, however, is dealing with legacy data, which according to the report, make up 25% of the cost of a project. Wein explains, “if we have bad data, no matter how good the system is, what’s coming out on the other side isn’t usable.” Insurers have recognized that they need to invest in fixing their data. Wein says, “13% of all spend is related to data now.”

Pat Saporito, director of solution management at SAP Labs LLC says it is a “competitive advantage” or a “survival skill” for insurers to have data available. In terms of business value and avoiding costs, Saporito says it’s better to have good data quality and have people investing their time using the analytics.

Click here to view the entire video program: http://www.ambest.com/v.asp?v=data415.

Recent episodes of A.M.BestTV include:

• Lloyd’s North America President Hank Watkins: Syndicate Consolidation Creates Opportunity: Hank Watkins, president of Lloyd’s North America, explains how consolidation among Lloyd’s syndicates is not a threat to the world’s oldest insurance market: http://www.ambest.com/v.asp?v=watkins315.

• Treasury Secretary Says Firms Can Challenge and Exit Systemically Important Financial Institution Designation: At a recent U.S. Senate hearing, U.S. Treasury Secretary Jack Lew told U.S. lawmakers that being designated a Systemically Important Financial Institution (SIFI) does not have to be permanent: http://www.ambest.com/v.asp?v=fsoc315.

• Insurers Respond to Risks of Identity Theft: Insurers are fighting the increasingly complex threats to privacy and security by deploying new risk protection offerings, as identity theft has been the number one complaint filed with the Federal Trade Commission for the last 15 years: http://www.ambest.com/v.asp?v=idtheft315.
• Insurers Identify Wide Range of Emerging Risks: At the recent 2015 CPCU Society Reinsurance Symposium, insurers and reinsurers identified cyber liability, accumulation risk, regulatory issues and contract wording as leading issues: http://www.ambest.com/v.asp?v=cpcu315.

A.M.BestTV covers exclusive A.M. Best information and reports, targeted topics and key developments in the (re)insurance industry every Monday, Wednesday and Friday. Sign up for alerts of episodes at http://www.ambest.com/multimedia/ambtvsignup.html. View A.M.BestTV episodes at http://www.ambest.tv.

A.M. Best Company is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2015 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.

A.M. Best Company

Lee McDonald, 908-439-2200, ext. 5561

Group Vice President, Publication and News Services

lee.mcdonald@ambest.com

Source: A.M. Best Company