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The 2015 Data & Analytics Report by MIT Sloan Management Review and SAS finds that talent management is critical to realizing analytics benefits.  This fifth annual survey of business executives, managers and analytics professionals from organizations located around the world captured insights from 2,719 respondents. It finds that organizations achieving the greatest benefits from analytics are also much more likely to have a plan for building their talent bench.

At XL Catlin, executives wanted to develop advanced analytical tools for its underwriters who have to make risk decisions and price policies before they know the costs. XL Catlin formed a team led by Kimberly Holmes, an actuary, to develop and implement predictive, multi-variant analytics, using internal and external data. After four years, XL Catlin has seen its claims per dollar of premium written fall significantly in those businesses which were early adopters of predictive models.

That’s a significant source of recurring profits. The profits come from having a new, proprietary way to identify risks. “Risk selection is the main driver of profitability for us,” said Holmes, now senior vice president of strategic analytics at XL Catlin. “We will outperform our competition just knowing what to write more of, what to write less of.”

Read more about building analytics talent in the full 2015 Data & Analytics Report – The Talent Dividend

Read more about analytics from XL Catlin’s Kimberly Holmes:

Winning in a Competitive Environment: Who knew Baseball and Insurance had so much in common?

In the Numbers: Analytics Support Human Judgment

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Global Asset Protection Services, LLC, and its affiliates (“AXA XL Risk Consulting”) provides risk assessment reports and other loss prevention services, as requested. This document shall not be construed as indicating the existence or availability under any policy of coverage for any particular type of loss or damage. AXA XL Risk. We specifically disclaim any warranty or representation that compliance with any advice or recommendation in any publication will make a facility or operation safe or healthful, or put it in compliance with any standard, code, law, rule or regulation. Save where expressly agreed in writing, AXA XL Risk Consulting and its related and affiliated companies disclaim all liability for loss or damage suffered by any party arising out of or in connection with this publication, including indirect or consequential loss or damage, howsoever arising. Any party who chooses to rely in any way on the contents of this document does so at their own risk.

US- and Canada-Issued Insurance Policies

In the US, the AXA XL insurance companies are: AXA Insurance Company, Catlin Insurance Company, Inc., Greenwich Insurance Company, Indian Harbor Insurance Company, XL Insurance America, Inc., XL Specialty Insurance Company and T.H.E. Insurance Company. In Canada, coverages are underwritten by XL Specialty Insurance Company - Canadian Branch and AXA Insurance Company - Canadian branch. Coverages may also be underwritten by Lloyd’s Syndicate #2003. Coverages underwritten by Lloyd’s Syndicate #2003 are placed on behalf of the member of Syndicate #2003 by Catlin Canada Inc. Lloyd’s ratings are independent of AXA XL.
US domiciled insurance policies can be written by the following AXA XL surplus lines insurers: XL Catlin Insurance Company UK Limited, Syndicates managed by Catlin Underwriting Agencies Limited and Indian Harbor Insurance Company. Enquires from US residents should be directed to a local insurance agent or broker permitted to write business in the relevant state.