Data Analytics

Insurers must follow the lead of airlines and retailers and use quote data to fine-tune prices and features based on each customer's situation.

Too often, data analysis is an unplanned art, with too many "rabbit warrens" being explored. A disciplined approach is required.

Instead of having data gathering and analytics strewn all over, there will be one location for warehousing and one central source for analytics.

Analytics is housed in a wide variety of places inside carriers -- but where it is now isn't necessarily where it is going to end up.

Data-driven insurers can see which 10% of policies will be most profitable -- and that 50% of earnings come from that small segment.

Major advancements in technology will make new analytics platforms more accessible to insurers, brokers and agencies of all sizes.

Middle market carriers face an imperative: Make sense of data through analytics. But that means fighting the war for analytics talent.

The basis of competitive advantage has changed for predictive analytics. Having them used to be an edge, but now you have to do more.