“We are using data and analytics to inform decisions throughout every part of the organization, from products, sales, operations, marketing and claims, … to weave fact-based decision making into the fabric of the organization.”
— Eric Huls, Senior Vice President of Data and Analytics at Allstate
Challenges
Threats from Insurtech
Similar to the emergence of Fintech companies, technology-driven Insurtech players are disrupting the insurance market and grabbing market share from incumbents.
Shifting Operating Model
Buyers are more price sensitive and less loyal to brands. They consider insurance policies interchangeable as long as they meet their needs, and value convenience over in-person visits.
Complex Business Model
Generating actionable insights from numerous data sources—such as underwriting, claims and customer services, sales and marketing, and broker relationships—requires sophisticated data science capabilities.
Benefits for Insurance Companies
Identify New Segments
Data science can provide key insights to help identify opportunities in new market segments and product offerings that serve the target consumers with the right pricing strategy.
Better, Faster Risk Assessment
Underwriting and risk assessment are the core competitive advantages for insurance companies. Predictive analytics can improve the accuracy of risk and pricing models while facilitating near-real-time claims processing, helping insurers stay ahead of digital transformation.
Use Real-Time Data
An exploding variety of real-time data from vehicles, smart homes, health devices, industrial sensors, drones, and weather sensors provides insurance companies with an unprecedented amount of data to work with.
Trusted Throughout the Insurance Industry
Domino empowers data science and analysis teams to automate claims processes, produce better risk models, meet auditing requirements, and reproduce past work. Data scientists develop and deploy API-accessible models on Domino to optimize pricing, mitigate risk and loss, calculate customer value, and prevent churn.
