6November 2017CIOReview's circulation is audited and certified by BPA International (Audit Pending). Copyright © 2017 Valley Media, 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.NOVEMBER -20- 2017Mailing AddressValley Media, Inc.44790 S. Grimmer Blvd Suite 202, Fremont, CA 94538T:510 230 0396, F:510-894-8405November -20 - 2017, Vol 03 Issue 07 Published by Valley Media, Inc. To subscribe to Insurance CIO OutlookVisit www.InsuranceCIOOutlook.com Managing EditorPamela MorganEditorial StaffSalesAaron Pierce Ava GarciaKhyati DubalAlex D'SouzaJoshua ParkerSarah FernandesVisualizerSudhin ThomasANALYTICS SOLUTION SPECIALJohn Varghesejohn@insuranceciooutlook.comEditorialPamela MorganManaging Editoreditor@insuranceciooutlook.comRisk lies at the heart of the insurance industry. Volatile economic environments, claims fraud, and profitability challenges have haunted the industry for long. While the market competition is increasing with new entrants introducing inventive products in the arena, insurance carriers are bounded by the need to keep the premium amount in check. On the other hand, stringent compliance mandates keep the carriers on their toes even as they struggle to mitigate risk and drive ROI. As an industry with a history of dealing with massive data, analytics technology comes across as a natural evolution of the measures taken by the insurance companies to overcome the impediments. Beyond basic reporting on key performance indicators (KPIs), the insurance companies are employing predictive and prescriptive forms of analytics to gain the vantage point in business decision making. Emerging as a strategic differentiator, cutting edge analytics has already made a profound impact on all fronts of an insurance business. From streamlining underwriting to balance risks, to helping actuaries in product price optimization, the high value analytics helps insurance companies walk the tight rope of gaining customer traction and driving ROI. With intuitive statistical models and dynamic algorithms powered by machine learning, the companies are in a better position today to tackle the challenges related to claims processing, fraudulent claims, false positives, and litigation management. Leveraging data from the traditional systems as well as the emergent channels such as social media and IoT devices, inventive analytics solutions are beaming insights through easy to use dashboards that allow the stakeholders to make informed decisions. While facilitating risk mitigation, these analytics solutions also help in improving customer engagement and driving agent performance through accurate and actionable data.In this edition of the Insurance CIO Outlook, we bring to you companies that are at the forefront of helping insurance companies to meet the challenges with innovative analytics solutions. Let us know your thoughts.The Force Multiplier for the Insurance IndustryPamela Morgan*Some of the Insights are based on the interviews with respective CIOs and CXOs to our editorial staff
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