Marko Sumina for Svet Osiguranja: Leveraging Data Analytics for Transformative Change in Insurance

"Data analytics is reshaping the insurance industry, but the true challenge lies in the integration of these technologies with the core business strategies," Sumina explains. 

"The potential of AI and machine learning in insurance is immense, yet realizing this potential requires a systematic and strategic approach."

The article draws attention to a McKinsey Quantum Black AI study, which indicates that a small percentage of insurance companies are fully exploiting data's capabilities, leading to substantial profit growth. This highlights a broader industry issue: the underutilization of data and a shortage of skilled professionals.

Sumina emphasizes the importance of a holistic approach: "At Adacta, we're not just applying AI and machine learning; we're integrating them into the very fabric of our data analytics solutions. This approach allows us to transform raw data into meaningful, actionable insights, aiding insurers in making more informed decisions."

The article was published in Svet osiguranja (The World of Insurance), a professional and market-oriented, independent magazine for law, economics and practice in insurance and reinsurance. It has a regional character and is distributed to insurance companies in Bosnia-Herzegovina, Montenegro, Croatia, Macedonia, Slovenia and Serbia.