How Brokers Use Big Data

‘Data enables us to be customer-centric, enhancing the customer experience by personalizing every touch point specific to that customer. We are able to discern behavior patterns, build behavioral models based on customer profiles, and leverage consumer touch points to help us confidently identify customer preferences and guide them to the insurance products and services that they most likely need. With respect to carriers, our ability to mine our system to identify behavioral patterns in each carrier book of business has allowed us to be proactive in many instances and advise carriers when we begin to see patterns of adverse selection and/or abuse.’ — Valeria Rico, chief operating officer, Confie Seguros based in Huntington Beach, Calif.

‘In reviewing the opportunity for continually reducing the cost of risk going forward in areas of high loss frequency, we aggressively utilize USI’s analytic capabilities to combine client-specific data with industry data to quantify the potential favorable economic impact.’ — Robert Meyers, USI Corporate senior vice president, property-casualty.

‘We have created a system that captures vast quantities of data on properties to evaluate risk by our underwriters and carrier partners. Ultimately the data is consolidated into a large data set for various carriers involved in issuing a large property program policy.’ — Ilene Anders, chief information officer, Alliant based in Newport Beach, Calif.

‘We have focused on sifting through various sources of data to find specific ways to make the workplace safer, reduce costs, and improve operations. For example, a reduction in the number of lost work days can be a meaningful metric to measure the effectiveness of workplace safety. By combining data from multiple sources, we are able to provide deeper insights around elements such as the effective use of return-to-work and the impact of employee morale. This leads to greater awareness of why certain results occur and leads to more actionable information for the client.’ — Justin VanOpdorp, senior vice president of Lockton Cos. analytics team based in Kansas City, Mo.

‘In a field such as healthcare, with millions of interactions between members and providers happening every year, the ability to manage big data creates massive opportunities. USI’s proprietary data tool allows employer clients to identify trends, properly analyze risk and evaluate return on investment of cost avoidance programs.” — Arthur Hall, USI Corporate senior vice president, employee benefits practice leader based in Valhalla, N.Y.

‘Today, what is most meaningful to our clients is how we use their historical and current loss data to drive actionable strategies to reduce their cost of risk. Looking ahead, we are incorporating data and analytical resources from outside the walls of our clients, so-called ‘big data,’ to anticipate future risk factors and trends that will impact shareholder capital.’ — Jonathan Crystal, executive vice president, Crystal & Co. based in New York, N.Y.

Topics Agencies Data Driven