Insurers that innovate typically have a significant advantage over those whose products blend into the background. Data is a key component when attempting to identify opportunities and quantify the impact of innovative ideas. Whether pricing new benefits or trying to understand the effectiveness of new services and tools, data is necessary to assess value.
In her article “Harnessing the power of data,” Milliman consultant Ashlee Borcan discusses where insurers can get public and private sources of data. She also provides perspective on what happens if that data is imperfect or not what carriers are looking for.
The article is part of Milliman’s Innovate to Win series.