McKinsey paper focused on the adoption of advanced analytics among insurance carrier and its capability to renew nad change business and its lines and approach.
Much more focused on predictions compared to traditional business intelligence, advanced analytics include tools such as big data analytics, data mining, location intelligence, semantic and sentiment analysis, predictive analysis, visualisation, machine learning.
Some carriers, as specified in the paper, have already been building the so-called COE – center of excellence, with dedicated staff focused on advanced analytics, experiencing data science for risk and products modeling. Such an experience can be strengthened and extended, transforming into an analytics-driven insurance carrier able to capture an unrivaled competitive advantage
According to McKinsey such a change can be represented as a four-phase journey involving several companies functions, namely CEO and top management
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