The need to alter the Canadian insurance professionals’ mind-set towards new analytics functionality is critical – if not essential – for analytics to provide any real return for insurers. The upgrade to analytics comprises of buying new software and services and improving systems management. But, perhaps most importantly, insurers must consider the internal cultural shift required.
According to a survey conducted by FC Business Intelligence, 67% of insurers stated that their investment in to analytics would increase and 33% of insurers said that the investment levels would stay the same. No Canadian insurers responded that they would not invest in analytics.
For insurers, the cost of improved analytics is substantial but the potential for a big return is even greater as the whole industry shifts gear and analytics moves from being a competitive differentiator to a ‘must-have’ to simply stay in business.
Event Chairman, Stephen Applebaum, Principal of Insurance Solutions Group explains ““Analytics must be applied and leveraged enterprise-wide and departmentally deep for any carrier to truly succeed.”
The purpose of the Insurance Analytics Canada Summit is to educate actuarial and business intelligence professionals alongside strategy leaders on how to integrate analytics across the insurance industry in Canada. It also unites Canadian insurers to the increasingly important data, analytics and telematics service providers coming to market.
Leading the discussion are insurance decision makers including:
FC Business Intelligence has been around for over 20 years and provides news, reports and events services across 30+ industry verticals. Our Financial Services department already runs several white papers, surveys, webinars and conferences in the Insurance, Banking, and Asset Management space.
Marsha Irving, Head of Financial Services, FC Business Intelligence