Insurance

79% of insurers believe that data and analytics will have a significant impact on meeting the needs of P&C customers over the next few years. Nearly 50% of insurers have plans to utilize weather data as a key component of their analytics strategy. And while claims validation is the low-hanging fruit for applying weather data, it is simply scratching the surface. Weather data is changing how insurers approach the full life cycle of customers from product design to marketing to underwriting to account management as well as claims.

• Develop market-specific product offers
• Target marketing activities to lower-risk prospects
• Optimize pricing based on localized weather patterns
• Reduce claims by alerting policyholders of potentially damaging storms
• Accelerate claims validation for severe weather events