DIGITAL TRANSFORMATION insurers to manage and access Big Data more effectively , so they can use it to build sophisticated experiences for customers .
He explains , “ Despite being rich in data , agility doesn ’ t come naturally to insurance providers due to their heavy reliance on sprawling legacy IT estates . Many still store their valuable customer data in disparate silos across the business . This makes it difficult to unlock the insights needed to power more personalised insurance products and better policyholder experiences .”
Bugnet says insurers use API-led connectivity , they can embrace a “ composable enterprise strategy ” that allows them to more easily draw data from any source to create a single view of their policyholders . This will put them in a far better position to maximise the value of Big Data for creating personalised experiences and building new partnerships .
The future of Big Data in Insurtech Most experts agree that there will be many challenges to overcome and many more changes to take place in the next few years , as insurtech further establishes itself among incumbents , and the IoT and connectivity develop . Sexton concludes , “ Big Data is likely to will expand in ways we can ’ t even imagine in the insur-tech space , but as a start , the amount of data being collected and analysed will only grow . Areas of regulatory concern , such as ESG and ethics mean more data in these areas will need to be collected .
He adds , “ Meanwhile , smart devices and other technological advancements will mean more actuarial , claims , and trend data . Finally , environmental , and political factors will play an increasing role in how new products and offerings are developed and marketed . It ’ s an exciting time to learn more about data in the insurance industry !”.
“ THROUGH THE RICH INTEL PROVIDED BY SOCIAL MEDIA AND
TELEMATICS , INSURERS ARE ABLE TO BUILD 360-DEGREE VIEWS
OF CONSUMERS AND USE REAL-TIME
MONITORING TO TRACK THEIR HABITS ”
LORENZO GRAFF BSURANCE
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