Prioritising Predictive Analytics for P&C Underwriting

In order to forecast future results, predictive analytics tries to connect different factors or traits. However, the process has long been constrained by access to incomplete data in antiquated systems or overburdened by the enormous amount of work normally required to attempt to connect a large number of variables. Predictive analytics, which rely on tools that use advanced algorithms to find patterns in massive data sets and develop links, has mostly addressed these challenges. Besides, predictive analytics can segment or prioritise claims in the context of claims management, prioritising potentially high-cost claims early on for cost control or accelerating low-cost claims for settlement. With the help of predictive analytics, what had previously been a hit-or-miss and frequently labour-intensive claims identification process may now be much more data-driven and effective. Points of discussion: 1. Within the P&C underwriting sector, the predictive analytics function has witnessed noteworthy momentum and significant attention from industry leaders. Why do think P&C insurers are prioritising on predictive analytics now? 2. Predictive analytics are primarily used to find patterns and relationships that cannot be found just by humans. How do you see this technology to be of use by the P&C insurers specially from the underwriting viewpoint? 3. There are a wide variety of uses for predictive modelling in insurance. How do you see this technology providing a tangible cost savings for the industry? Speaker Bio: Vivek Pandyarajan, is the SVP and Head of Technology & Data for P&C Solutions at Swiss Re. Prior to joining Swiss Re, Vivek served as SVP, Global Delivery Head at Intellect SEEC, a leading insurtech and data company, managing an organization of 500+ associates to oversee global product implementations & program deliveries for P&C clients. Before Intellect, Vivek worked for several Fortune 100 firms such as Chubb and JPMorgan Chase in the United States overseeing enterprise wide IT initiatives such as Digital Transformation, Robotic Automation, Policy Administration & Servicing (PAS) Replacement, Credit and Operational Risk technology programs. From the academic side, Vivek holds a Bachelor of Engineering in Computer Science from Vellore Institute of Technology, India and an MBA in Marketing from Fairleigh Dickinson University, USA. Besides, he also enjoys reading motivational and personal development books in his leisure times.