What every insurer wants right now is useful data, because there’s no shartage of data per se. We are surrounded by the stuff and it’s growing at an ever-increasing rate. The great thing about AI is that it can predict certain outcomes based on existing data, and then fine tune those predictions as it absorbs more info in real time.
What does that mean? In a nutshell your insurance brand will be able to see the key market opportunities as consumer demand leads the data flow? Sound good, here’s some news from the USA.
Pacific Life has selected Atidot’s predictive analytics models and ipipeline’s InsureSight® case analytics to analyze the impact of product and pricing changes based on prior sales performance and industry data. The ability to predict future performance based on product selection, producer group, producer, location, demographic, and other critical factors will enable Pacific Life to adjust its product, pricing, or distribution strategy dynamically to optimize market penetration.
“Pacific Life is clearly stepping into the future of product design and pricing with the implementation of InsureSight case analytics and Atidot’s predictive analytics models. Based on the results, they will be able to optimize market penetration on demand,” said Larry Berran, CEO, iPipeline.
“Our approach to predictive modeling is unique in that it leverages iPipeline’s independent channel data for competitive benchmarking, the most comprehensive and current private database in the industry. Insurers like Pacific Life can now gain newfound visibility and insights into the business it puts on the books and current market trends to drive their success and build market share.”
“Insurers need to implement next-gen solutions that enable them to immediately understand buyer and market dynamics. We live in a volatile environment and buying preferences can change overnight. By using our predictive analytics models together with iPipeline’s case analytics, Pacific Life will gain deep insight into the competitive carrier landscape,” said Dror Katzav, CEO and Co-Founder, Atidot. “Given the fallout from COVID-19, this solution is one of the best ways to navigate in real-time the uncertainty in today’s selling environment.”
“Given the current state and rapidly shifting buying trends, we were seeking a predictive analytics solution to help us drive future product performance in the marketplace with a high level of confidence. The iPipeline/Atidot predictive analytics models cover multiple dimensions of our business, and we expect this to provide valuable guidance immediately after implementation,” said Mary Bahna-Nolan, Senior Vice President, Head of Product Innovation and Strategy Life Insurance Division, Pacific Life. “We are excited about enriching our analytics with new, actionable insights to guide our decisions, minimize risk, and optimize efforts to grow our business while better serving the needs of our customers.”