Gen Re Survey Reveals Room for Growth with Life & Health Insurers’ Use of Predictive Analytics
Issue: April 2017 | Life/Health North America
For immediate release
Stamford, CT, April 17, 2017 … Gen Re, a leading global life/health reinsurer, recently published its first-ever global predictive analytics survey for the life and health insurance industry. Use of Predictive Analytics by Life and Health Insurance Companies features information on the level of adoption and usage by 136 insurance carriers from across 23 countries, offering an expansive snapshot of the level of adoption worldwide.
"The use of predictive analytics is still catching on in the insurance industry as it is regarded as an innovation,” said Guizhou Hu, Chief of Decision Analytics at Gen Re. "Our report gives an unprecedented view on the level of commitment globally and across various insurance functions, from marketing and customer engagement, to pricing and risk management."
Overall, the results of the report indicate that life and health insurers have a considerable amount of work to do in adoption of predictive analytics. A minority are currently using analytics, but there are signs of imminent change as one-third indicated changes would be coming in the next year or two.
This survey represents Gen Re’s fourth in a series that includes 2011 and 2013 U.S.-focused reports, as well as an international survey released in 2014. The detailed results from all the surveys are provided only to participants.
Highlights from the report can be found at www.genre.com/pasurveyresults.
Gen Re, a Berkshire Hathaway Company, is one of the leading life/health and property/casualty reinsurers in the world. Our North American life and health reinsurance company, General Re Life Corporation, has superior financial strength ratings among life and health reinsurers. Gen Re delivers tailor-made reinsurance programs and risk management solutions for the Life, AD&D, Medicare Supplement, Critical Illness and Disability markets. Through our research, we also offer valuable information and insights. For more information, visit www.genre.com.