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Data science in insurance

Our data science capability enables insurers to extract more value from data and machine learning to drive better business decisions, remain competitive and boost growth.

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Across industries, companies are tuning in to the value to be had from their data assets and better processes for harvesting them.

As a data rich industry, insurance is bursting with more opportunities than most sectors to use data and analytics to improve business performance and customer experience. Many insurers have taken steps in this direction - some very successfully, some less so. Factors such as technology, available skill base, regulatory constraints and competition help account for the mixed story to date.

Combined data and insurance knowledge

With our unique combination of experts in insurance, data science, people, regulation and risk, we provide insurers with market-leading solutions to help successfully embed data science within their business. We help insurers understand:

  • How to effectively realise and measure the value generated by data science
  • What technology capabilities must be easily available to the team
  • How to successfully integrate data science capability with insurance domain expertise
  • What the risks of using data science are and how to measure and mitigate against them
  • How to incorporate governance and ethics, by design, into data science processes

Building on your data science and analytics foundations

We have developed a best practice data science framework that we can use to help you combat these challenges insurers face. And with the capabilities of machine learning, automation and artificial intelligence (AI), we believe the potential value generation from data and analytics usage in insurance is massive, no matter where your own data journey has taken you so far – going beyond pricing and underwriting and into other processes, for example, transforming claims operations.

Our data scientists will help you to accelerate your data and analytics capability by helping you avoid common traps around the quality of work built in open source, overcome the challenges of integrating data science capability into operations, and more effectively manage the risks that come with a more intensive data-focused approach to driving the business forward.

$3.4bn forecast 2024 AI insurance platform revenues

Source: GlobalData - Artificial Intelligence (AI) in Insurance – Thematic Research, March 2021.

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