Helping insurers forecast risk with data
If you’re an insurer, you know that your organization lives and dies by its ability to predict and minimize risk. From driving behavior to the weather, insurance companies must take into account a plethora of everyday—and less than everyday—events to succeed in their industry. No one, insurance companies included, has a crystal ball, but advancements in data analytics have helped insurance companies ever more accurately predict adverse incidents, allowing them to mitigate threats as they arise.
According to Cloudy with a Chance of Mishap, an IBM Institute for Business Value study conducted in association with The Weather Company,
As availability and predictive capabilities of weather forecasting continue to grow, so do the opportunities for insurance companies to apply weather data to improve customer engagement, operations and risk management ... . Leading companies take a different approach: they combine weather information with other data sources to anticipate future events and incorporate insights into daily operations.
Indeed, in a world whose every region is susceptible to a wide range of adverse weather events, failing to manage the risk associated with such events can be the death knell for an insurance provider.
Insurance companies face a long list of risks, and that list encompasses much more than just the weather. How, then, can organizations create value? By harnessing the power of data, insurance providers can garner insight from multiple data sources, predicting weather events, detecting home flooding and even identifying high-risk drivers. Indeed, by bringing to bear weather data, analytics, the Internet of Things (IoT) and cognitive capabilities, organizations can reimagine their entire way of doing business, setting themselves apart in their market.
At IBM InterConnect 2016, members of the insurance industry can see for themselves how IBM cloud-based analytics solutions can help insurance organizations succeed in an ever more competitive marketplace. If you’ll be attending InterConnect 2016, stop by pedestal #44 in the Solution EXPO (part of the Watson IoT section, #838) to see IBM solutions in action.
To learn how data forecasts can be the next best thing to predicting the future, register for InterConnect 2016 and your chance to learn how IBM and the Internet of Things are changing the way insurers do business.