Predictive analytics allows UK insurers and brokers to use historical and real‑time data to forecast behaviours and outcomes, supporting decisions in pricing, underwriting, fraud detection, retention, and claims triage. Actuarial, data science, and business teams collaborate to build and monitor models while addressing governance, model risk, and explainability, ensuring that predictive tools align with Consumer Duty, avoid unfair bias, and deliver tangible improvements in combined ratios and customer outcomes.
Investment in benefits yet to resonate with staff
99% of firms call reputation a top risk, yet most can't measure celebrity exposure
As platforms embed machine learning, competitive advantage may shift behind the scenes
'It remains incredibly important to keep accurate data across the business'
It will be the first of its kind for UK financial services, with a second round set for April
