Finding value in data

Finding value in data

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Description:

This session follows on from the session presented as part of the Virtual ICA 2018 program. In 2017 the Value of With-Profits for Consumers Working Party conducted a customer survey and analysed the results. In 2018 the Working Party has conducted a further set of surveys, this time working directly with insurance company providers to survey their own with-profits policyholders. In a world where data analytics can inform and influence the critical relationship between consumers and insurance providers, the session will review how the actuaries involved: - reviewed the survey data, - summarised the results into relevant and meaningful output, and - drew key findings and insights from the data into what consumers really expect from their with-profits policies, and the communications they receive about them, in their own words. The session will also offer views on how to increase engagement with consumers following review of the information they provided, as well as highlight the importance of the role of actuaries in linking the data analysed to consumer need, and translating the data analysed into results which are beneficial to both consumers and insurance providers.

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