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How are U.S. P&C insurers adapting to gain competitive advantage?
- 1. © 2017 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only. 0 Source: Willis Towers Watson
- 2. 1 While 67% of insurers surveyed currently use predictive models for underwriting and risk selection, many expanded uses are planned. Report ordering Fraud potential Litigation potential Marketing and advertising Claim triage Case reserving 34% 28% 23% 21% 18% 9% 74% 70% 54% 39% 59% 41% © 2017 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only. Source: Willis Towers Watson
- 3. 2 Report ordering Claim triage Fraud potential Litigation potential Case reserving Loss control 17% 15% 14% 10% 8% 2% 48% 66% 55% 50% 48% 39% © 2017 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only. Source: Willis Towers Watson
- 4. 3 Pricing, underwriting, risk selection Better management decisions Loss control and claim management 57% 41% 27% 92% 84% 76% © 2017 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only. Source: Willis Towers Watson
- 5. 4 Unstructured internal claim information Other unstructured internal customer information Usage-based insurance/ Telematics 41% 27% 14% 70% 51% 44% © 2017 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only. Source: Willis Towers Watson
- 6. 5 Onboard diagnostic system Smartphone Smartphone tethered to in-car device 75% 75% 38% © 2017 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only. Source: Willis Towers Watson
- 7. 6 Connected cars Aftermarket sensors installed by insurer Location-based app providers Telecommunications companies 100% 75% 75% 63% © 2017 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only. Source: Willis Towers Watson
- 8. 7 People: resource availability, training, skills and capabilities Data capture and availability Cost considerations and funding Data quality and reliability 51% 37% 35% 33% © 2017 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only. Source: Willis Towers Watson
- 9. 8 Upskill existing employees Hire more employees with the right skills Ask third parties to advise Outsource 60% 51% 46% 21% © 2017 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Willis Towers Watson client use only. Source: Willis Towers Watson