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Insurance industry ‘struggling to be more agile:’ analytics summit speaker | Canadian Underwriter

The third panelist, Travelers Canada chief actuary Erika Schurr, suggested regulation sometimes gets in the way of being more customer-centric.

“Sometimes we want to do something what’s best for a customer and the regulator stops,” said Schurr. “Think of something like price optimization. You don’t like your increase to your Rogers bill? You can call them up and you can complain you can get a deal. You can’t do that with your auto insurance. It’s a regulated price and we’re kind of stuck with it. Sometimes there are practical things that get in the way of all this customer-centric technology.”

It can be “excrutiatingly difficult to apply” some of the principles of data analytics science “to the day to day operations of an organization,” MacDonald said.

“One of most vexing issues for us to tackle at our company is, how many employees do we have?” he said, adding the answer to that question can depend on several factors, such as whether the total includes contractors, part-time employees, everyone on payroll and people on disability leave.

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Insurance industry ‘struggling to be more agile:’ analytics summit speaker.