In this episode of the (Re)thinking Insurance podcast, Scott Gibson is joined by Laura Doddington and Lauren Finnis to explore advanced analytics in the insurance industry. They discuss findings from WTW’s recent advanced analytics survey, highlighting how nearly 50 North American P&C insurers are leveraging analytics.
Despite strong leadership commitment, progress has stagnated since 2021 due to IT bottlenecks and data challenges. The discussion covers practical applications of machine learning in document processing and risk assessment, and identifies areas where analytics can enhance operations, such as claims management and distribution strategies. The speakers emphasize the need for a clear roadmap, robust data infrastructure, and collaboration between analytics and business teams, underscoring the importance of sustained effort and strategic planning to fully integrate analytics into organizational culture.