19MAY 2020"Analytics will transform the insurance industry." That's the promise you read in many industry publications, as well as from vendor partners and service providers. I believe we are well on our way to seeing evidence of this. For example, many organizations use advanced analytics to automate processing of new applications, build machine learning models that identify property damage to streamline claims processes, and use artificial intelligence to identify client needs and provide relevant recommendations. There is no shortage of big promises and big opportunities. What we don't hear enough about is how hard it is for most companies to capitalize on these opportunities. There are many reasons why companies who buy into the promise aren't able to quickly find value from analytics. Here are some of the biggest barriers:· Technology: Yes, investing in new technology requires money, but that's not the challenge. Integrating new technology with legacy systems that many insurers are already scrambling to replace is the challenge. Building a computer vision model to identify roof damage is the easy part. Figuring out how to integrate real time model scores with batch legacy systems is the challenge. Companies who want to be successful have to find ways to work around the system integration challenge, which brings me to the next challenge...· Process: When it's not feasible or cost effective to integrate analytical solutions with systems, companies need to explore ways to integrate the Overcoming Barriers to Implementing Insurance Analytics By Brandy McNalis, Vice President of Strategy and Innovation, COUNTRY FinancialCXO INSIGHTSBrandy McNalis
< Page 9 | Page 11 >