Data and analytics is nothing new in the insurance industry and it has been critically important to an insurer’s continued existence and profitability. Historically, an insurance carrier achieved differentiation mainly by combining scale of exposures and underwriting expertise. But now, there are newer and more effective ways driven by new sources of external data, new tools for underwriting risk, and new ways of monitoring and influencing consumer behavior. With Advanced Analytics provided by DataFactZ, these newer sources of data can enable insurers to better understand different types of risks which in allows the premiums to be personalized to individual consumers or segments.
