Data is one of the most important resources within any organization. However, managing that resource in ways that deliver relevant and actionable insights for better strategic decision-making is becoming a challenge – especially as organizations are facing a deluge of data from more directions than ever before. In data-intensive industries such as insurance, finding ways to mine growing bodies of information for insights to help customers make more informed strategic and risk management decisions is a growing priority.
Zurich believes in the power of data to deliver customer value. But simply aggregating and delivering a mass of data is not enough. We use cutting-edge predictive analytics such as artificial intelligence, cognitive computing and smart algorithms to provide customers with a deeper and broader analysis of both internal and external data. The goal is to transform data into insights and then turn those insights into impact, helping customers identify future risks, make better decisions and potentially reduce the total cost of risks.
For example, Zurich can use these tools to predict whether a particular injured worker can benefit from the services of a nurse case manager more than twice as fast as in the past. The speed of this response can lead to better outcomes, both on the financial side and on the people side of the insurance claim. Case management intervention prompted by predictive analytics has been instrumental in helping injured workers return to their jobs and normal lives more quickly.
In addition, Zurich uses predictive analytics in property insurance to help underwriters and risk managers assess the increasingly costly impacts of worsening flood severity around the globe.
The adoption of sophisticated predictive analytics is revolutionizing our ability to anticipate changing customer needs. This heightened ability to predict and respond to change will become a powerful differentiator in an economic, geopolitical and marketplace environment likely to remain in constant flux.