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Data and Analytics in the Insurance sector

Data is the lifeblood of the insurance industry. Access to new data (for example social media, telematic sensor data and aggregator policy quote data) is changing the way the industry assesses customers and prices policies. Additionally, Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations are moving insurers towards a deeper customer insight and understanding.

The increased volumes of statistics the industry can now gather about consumer behaviour, and increasingly sophisticated techniques to analyse them, should mean insurers can rely less on crude rating factors, such as age or marital status, when pricing premiums. Through data and analytics, they are able to make more intelligent assessments of each policyholder’s riskiness.

At PwC, we use data and analytics to help organisations in the insurance sector to:
  • Price products based on policy holder behaviour
  • Detect fraud
  • Gain customer insight and assess their experience
  • Improve risk assessment during the underwriting process
  • Provide oversight of key risk and compliance indicators for Insures
  • Manage data relating to the capital model (Solvency II)

Data and Analytics tools for insurance:

Case studies

Improving the claim process for Middle East insurance company

Our client, a large Middle East insurer, had experienced a 50% increase in claims year-on-year and wanted to understand if there were loopholes in its process and build solutions to eradicate them.

Using data from multiple source systems and applying ACL and SQL to model the process, we identified comparable anomalies. These were presented to the client via a series of customised Qlikview dashboards, which allowed a focus on critical KPIs and peer evaluation.

Our analysis highlighted a number of gaps within the client’s claims process, which it was able to fix immediately. Our recommendations have also helped the client improve its processes integrating industry best practices, reducing risk and increasing confidence in its framework.

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Leveraging analytics for new London-based insurer

Our client wanted us to assess its possible capital requirements over the next five years and consider the capital impact of several key strategic options.

Over the past few years, PwC has developed the largest proprietary database of insurance planning information in the market. For this project, we combined information from our database with an internally developed model to deliver tailored capital insight around our client’s business. Using a range of data visualisation techniques we helped the board to understand possible future capital requirement and created insight to help them develop their future plans.

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Contact us

Craig Skinner

Craig Skinner

Partner, PwC United Kingdom

Tel: +44 (0)7734 974406

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