A recent report by Willis Towers Watson looks at Life insurers’ overarching strategic goals for using big data and predictive analytics: Improving risk selection (50%), targeting profitable customers (25%), developing customer loyalty (8%) and increasing cross-sell opportunities (8%).
Life insurers in North America are preparing for a dramatic shift in their use of big data1 and predictive analytics,2 according to a Willis Towers Watson survey. While many are just getting started, life insurers expect their use of big data and predictive analytics for decision making to soar dramatically within the next two years. Future plans also include expanded use of data applications and new data collection sources. For most life insurers, achieving these goals will require investments in both infrastructure and people.