Analytics solution of the year: LCP
"LCP InsurSight is using analytics now, in 2021, rather than doing something theoretical for the future" explains Tom Durkin, a partner at consultancy LCP when asked what sets apart InsurSight from its competitors in the analytics space.
Launched in April 2020, LCP InsurSight is an analytics and trend identification tool for general insurers. LCP say it is already being licensed by some of the largest London Market and UK personal lines insurers and is currently being used to assess over £70bn ($95bn) of reserves.
Among its key features, InsurSight offers automatic trend identification to provide key insights, which helps free-up actuarial time for value-adding work as well as increasing ability to identify drivers of trends.
"It's quick, responsive and flexible but it's also simple for businesses to understand," says Durkin.
"A lot of analytics can be 'black box', i.e. here's the answer but we're not telling you why.
"InsurSight is all about the journey, i.e. actually this is what the complex and forward-looking tools are telling you and this is why they are giving a good answer."
Durkin explains there are many more developments in the pipeline, in both the insurance sector and beyond.
"We've got an exciting development roadmap planned for InsurSight and we're working in wider applications at LCP across insurance, energy, health and even football analytics.
"One of the common themes, that runs across all of the areas, is we start with the problem we're looking to solve rather than the technology that we're planning to use. What we find is this means we end up with sharp solutions for different problems."
He adds the importance of analytics capabilities is matched by the importance of domain knowledge and bringing these together is critical.
"Having an insurance expert and an analytics expert working together can do a huge amount more than if you've only got either an analytics or an insurance expert."