The industry has entered some rough seas. David Flandro and Michelle To from Howden emphasise the importance of data and analytics in setting the route for a more streamlined future.
Since the financial crisis, the insurance market has seen its most severe disruption.
Insurance in the data age
Bonds and stocks have collapsed together for the first time since the early 1980s as inflation has increased to levels that have not even been experienced by senior members of our sector during their working lives. Due in large part to this, dedicated reinsurance capital and possibly primary insurance capital decreased by 11% in the first half of the year. Due to capacity issues brought on by this confluence of circumstances, online prices are continue to climb across the majority of business sectors and geographies.
The industry has entered some rough seas.
David Flandro and Michelle To from Howden emphasise the importance of data and analytics in setting the route for a more streamlined future.
Since the financial crisis, the insurance market has seen its most severe disruption.
Bonds and stocks have collapsed together for the first time since the early 1980s as inflation has increased to levels that have not even been experienced by senior members of our sector during their working lives. Due in large part to this, dedicated reinsurance capital and possibly primary insurance capital decreased by 11% in the first half of the year. Due to capacity issues brought on by this confluence of circumstances, online prices are continue to climb across the majority of business sectors and geographies.
Howden's Nova platform
This crucial access to and capabilities for industry data and analytics is provided by Howden's Nova platform. It incorporates all publicly accessible historical data, is continuously updated with fresh inputs, and offers quick analyses and comparisons of pricing, profit, claims, and customer behaviour across both general and niche insurance lines.
Naturally, we think Nova can set a new standard for the sector. However, you don't have to share our enthusiasm for Nova to understand that data is the most underutilised resource in our sector.
Analytics gives you an advantage.
Although making perfect selections is impossible, decisions can be made better with the correct data and analytical tools. With precise data and insightful research, it is possible to better understand the direction of the markets and the propensity of market cycles, including the current one.
This crucial industry data and analytics access is made possible by Howden's Nova platform. It uses all publicly accessible historical data, is constantly updated with fresh inputs, and offers quick analyses and comparisons of pricing, profit, claims, and customer behaviour across both general and niche insurance lines.
This crucial industry data and analytics access and capacity are provided by Howden's Nova platform. It incorporates all publicly accessible historical data, is updated regularly with fresh inputs, and offers quick analyses and comparisons of pricing, profit, claims, and customer behaviour across general and niche insurance lines.
Obviously, we think Nova has the potential to set new standards for the sector. The largest untapped resource in our industry is data, and you don't have to be as passionate about Nova as we are to understand this.
The edge comes from analytics.
Although it is impossible to make perfect decisions, with the correct data and analytical tools, decisions can be made better. Accurate data and thoughtful research can help us better understand market trends and the propensity for protracted market cycles, like the one we are currently experiencing.
These uses are but a sample of what is already feasible. There are countless possible applications, and developments in AI and machine learning will create even more possibilities
laying out a more direct course
The cycle-based nature of insurance's history won't alter. But in order to comprehend how these cycles function and to recognise the difficulties and opportunities they present, data and analytics are becoming ever more important.
These prospects can be viewed more clearly with the help of Nova, the leading market insights platform in the industry.
