Research

Advanced analytics and the future: Canadian insurers boldly explore new frontiers

2017/2018 P&C Insurance Advanced Analytics Survey Results Summary Canada

August 2, 2018
| United States, Canada, Bermuda
In a short space of time, emerging data sources and advanced analytics have become new frontiers for transforming insurance company operations and customer experiences.

Insurers can interrogate an expanding data galaxy full of promise, including unstructured internal data, the Internet of Things (IoT), driver and home telematics, social media, wearables and open-source web data. Analytics techniques are moving into a new orbit to explore them.

Our latest survey of Canadian P&C insurers shows that many insurers, like their U.S. counterparts, are committed to stepping up exploration of this exciting analytics universe as an essential step to advance their business. As they look to give customers faster and easier access to products by developing digital platforms and apps, and use information better to create more personalized user experiences, they are broadening their data horizons and setting new analytical priorities (Figure 1).

Figure 1. Top-growing new data sources Canadian insurers plan to use two years from now

Now Two years
Speech recognition 0% 26%
Health information 0% 11%
Smart home/Smart building data 5% 32%
Other unstructured internal customer information 10% 42%
Unstructured internal claim information 21% 74%
Web/Clickstream/Phone/Email customer interactions 11% 37%
Unstructured internal underwriting information 16% 48%
Images 11% 32%

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About the survey

Graph showing a breakdown of Canadian insurers

Willis Towers Watson’s 2017/2018 Advanced Analytics Survey asked Canadian P&C insurance executives for their insights on the future of advanced analytics. Nineteen insurers participated in the web-based survey, fielded in fourth quarter 2017: 16 multiline carriers, one commercial lines carrier and two personal lines carriers. Respondents included nine of the top 20 Canadian P&C insurers.