The insurance industry is evolving at a pace never seen before. Through the rise of insurtechs and global disruptions, insurance companies are waking up to the digital changes skyrocketing in retail, banking, transportation, and other industries.
The new data-driven insurer is ready to meet customer needs at every touchpoint, increase omnichannel responsiveness, and predict and help prevent fraudulent claims.
What is a Data-driven Insurer?
Data is the lifeblood of most insurers today. There are several key aspects to every data-informed insurer:
- Has a centralized, trustworthy data foundation
- Utilizes data to improve business outcomes
- Creates differentiated relationships with customers
- Uses data to identify risks and opportunities
- Transitions from product-centric to customer-centric practices
Data-driven organizations have quality, trustworthy data as their foundation. With good data, you can be proactive with customer events and use AI-based responses in real time at the point of customer interactions. Becoming data-driven is a journey, starting with trust in your data and proceeding to the right data solution to have unique interactions with your customers.
According to Jonathan Silverman at Microsoft, “Data has the ability to change the business of insurance from just covering an asset to providing a differentiated value proposition related to protecting people and saving lives.”
How Can You Start Your Data-driven Journey?
Every insurer is on its own journey, guided by specific customer needs and business lines. A clear strategy is vital to ensure you choose the right solutions for your business needs.
To start leveraging data, you need your own innovation road map:
- A goal-oriented approach
- A business case for change and business support
- Data quality and data governance as your foundation
- Consistent and trusted data access to historical and real-time data
This can be boiled down to an easy equation: methodology + technology + cultural change = data-driven organization.
The right methodology means you are picking the right technology solution to meet your business and customer needs. Additionally, with a desire for company-wide change—and the financial support for this change—you can meet any data challenge that comes your way.
To learn more about the insurer of the future, check out this Linkedin Live, featuring key data experts in the industry.