What’s wrong with “data strategy” for insurers!
What can slow down “data” in insurance when data is always at its heart, from rating to risk management, customer service to claims!
No wonder insurers have always been good at managing huge amounts of data. But as we know “what brought you here won’t take you there”, this ability needs to grow in today’s world when the very fabric of data has changed astronomically in its source, volume, variety, velocity, etc.
Today insurers need new ways to use this “big” data to serve society better by keeping up with changing customer behaviors & trends.
New technologies emerged to help. While insurers are adopting those technologies they are way more cautious & slow in comparison with other industries like retail or finance, potentially due to regulations, privacy, data security, etc. that predominantly drive insurance operation.
But if this high inertia impacts an insurer’s ability to serve better then how could that be compensated or resolved?
Centralizing available data in a fragmented insurance enterprise through consolidation can be hugely benefitting.
Also, the mutual exchange of information among insurers can help redefine insurance operations of the future.
Thoughts?
