MARCH 20216Copyright © 2021 ValleyMedia, Inc. All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher thereof.Managing EditorPamela MorganSalesDave Barcodave@insuranceciooutlook.com*Some of the Insights are based on the interviews with respective CIOs and CXOs to our editorial staffEditorial StaffAaron Pierce Ava GarciaAlex D'Souza Dan StanleyJoshua ParkerKokila Rani SEditorialPamela MorganManaging Editoreditor@insuranceciooutlook.comThe insurance industry has always been a high-risk sector. Insurers have to navigate through tricky waters of claims, cash repression, pricing and promotion, and natural perils for complying with all the regulations in place. Fortunately, the implementation of advanced analytics now makes it easy for insurance companies to draw insights from the business data and effortlessly navigate the high waters. And now the addition of artificial and machine learning in the mix of data analytics is making mining through big data for actionable insights easier than ever. For instance, many insurers claim that 10-20 percent of insurance claims prove to be fraudulent and annual losses due to such claims are estimated to be $40 billion per annum. Improvements in data science technology have made it possible to detect fraudulent activities, suspicious claims, and behavioral patterns using predictive analytics that incorporates statistical models for efficient fraud detection. These models use historical data on fraudulent activities to arrive at specific conditions that predict the possibility of claims being fake. Besides, many insurers are increasingly using advanced analytics to not only protect their business from risks but also to identify new growth opportunities using customer information.In this edition of Insurance CIO Outlook, we bring you the story of some of the most successful insurance analytics solution providers and consulting companies that deliver the best outcomes for their clients. This edition also offers a combination of thought leadership from subject matter experts and exclusive insights from CIOs and CXOs. We hope this edition will provide you with the right assistance in choosing the best insurance analytics solution providers and consulting companies according to your requirements.Let us know your thoughts!Advanced Analytics for the Insurance IndustryPamela MorganVisualizerVictor Cruz MARCH - 2021, Vol 07 Issue 02 (ISSN 2644-2795) Published by ValleyMedia, Inc. To subscribe to Insurance CIO OutlookVisit www.InsuranceCIOOutlook.com Email:sales@insuranceciooutlook.comeditor@insuranceciooutlook.commarketing@insuranceciooutlook.com
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