Industry Disruption: "Going Social" Changes Insurance Analytics
Melinda Smith May, 2017
Original Air Date:
As the use of social media continues to grow, the data that can be gleaned from it is growing as well. Traditional data sources such as credit scores and contributory databases no longer provide insurers with the whole story, especially for millennials and individuals who typically fall into the “unscorable” category.
Today, risk models that depend on credit scores are increasingly becoming incomplete, particularly for this population. Use of data analytics with social media and other new data sources (such as wearables, telematics, and so on) is disrupting the traditional underwriting process and can enable more informed risk-based decision making across the policy life cycle.
By including online data, insurers will no longer need to deny millions of potential customers who could be trustworthy but lack credit histories. Companies will be able to assess applicant riskmore accuratelyby using a model that focuses on a larger number of factors. This solves a critical problem in insurance today—the largest population of people susceptible to receiving inaccurate assessments could potentially also be the most profitable, and they no longer need to be denied, ignored, or affected by high prices.
Join us in this exciting webinar to learn how social media and analytics are revolutionizing the insurance industry:
- Learn how social media can have positive effects on insurers throughout the policy life cycle.
- Explore the leading edge of data analytics technology as it pertains to online information.
- Hear real-life case studies of successful use of Internet data for risk assessment.
- Discover the predictive qualities that are hidden within social media data.
- Discuss the impact of this new data source across all lines of business.
* Social Intelligence is a 2015 winner of the SMA "Innovation in Action" award.