Insurer mindset must change as industry convulses: Valen
The insurance industry needs to shift its mindset amid economic instability and disruptive influences, according to a report from insurance data provider Valen Analytics. The report highlights the complex and inefficient buying cycle, successful strategies employed by disruptive insurtech companies and the importance of data analytics in driving innovation and customer acquisition and retention. "The industry as a whole must reconsider its approach to understanding and serving customers," said CEO and President Dax Craig.
DENVER--(BUSINESS WIRE)--Valen Analytics®, a provider of proprietary data, analytics and predictive modeling for P/C insurers, today released its 2017 Outlook Report, which highlights the critical path for insurance companies during a time of economic instability. In the fourth iteration of the annual report, the company identifies the disparate forces that insurers face, such as the repercussions of a low-interest investment environment and a massive influx of InsurTech capital.

Valen incorporates both industry studies and proprietary research to identify trends, opportunities, and shortfalls in current insurer approaches, while suggesting that the only path to true innovation is an industry-wide mindset shift that changes the way insurers consider their businesses.

The report identifies:

The complex and inefficient buying cycle that is inherent to P/C insurance, along with the ways insurers can effectively shift their approach.

The methods in which successful technology companies have disrupted industries through a relentless focus on customer experience, and suggestions on how insurers can replicate this approach before falling victim to it.

The foundational role of data analytics in fueling innovation and improving customer acquisition and retention, with case studies that support these claims.

“A year ago, funding for insurance innovation was pouring into the space, but it was unclear how insurers would react and whether they would embrace the new technologies at their disposal,” said Dax Craig, CEO and president of Valen Analytics. “Today, many of these technologies have been embraced, but in order to fully deliver on their promise, the industry as a whole must reconsider its approach to understanding and serving customers.”

The 2017 Outlook Report, along with several complementary resources on the latest underwriting techniques and pitfalls to avoid, can be found in Valen’s Resource Center at www.valen.com. Readers are encouraged to register for a webinar to discuss the report’s findings on January 31 at 11 a.m. ET.

About Valen Analytics

Valen Analytics is a provider of proprietary data, analytics and predictive modeling for property and casualty insurers. We work with insurers who are actively looking to utilize modern approaches to pricing, risk selection, claims triage, and premium fraud. Our customers are focused on increasing competitive pressures, fighting adverse selection with innovative solutions, and raising awareness for the impending “experience gap” with initiatives such as Insurance Careers Movement. Our customers span many lines of business including Homeowners, Personal Auto, Workers’ Compensation, Commercial Auto, Commercial Package, Commercial Property, and BOP. Learn more about Valen at www.valen.com.