Carriers should avoid the temptation of thinking that their internal data is all that matters and seek industry-wide data from the experts. A big benefit of working with external solution providers is the extensive insurance specific knowledge and critical data analytics they have beyond just a single carrier.
Why Back-Office Data and Analytics Should be a Priority for Insurance Carriers
I recently saw an article on Digital Insurance that said insurance companies are struggling to manage analytics teams. The author said that over the past few years, many insurance companies have created centralized big data, data measurement, and data governance strategies and capabilities.