“ Once an insurer has examined the process landscape they ’ re better positioned to determine how easy it is to access and share data and insights ”
KRISTA GRIGGS FUJITSU
“ Once an insurer has examined these aspects , they ’ re much better positioned to determine how easy it is to access and share data and insights – now and in the future .”
Griggs goes on to say that regulation is another highly important aspect for insurtechs to consider . “ The market and the regulator will be closely monitoring trust in how data is captured , stored , processed , secured , used to drive actionable insights and to create new customer services . Appropriately implemented governance and security that doesn ’ t stifle innovation is also essential to maintaining the trust and accountability needed to leverage the power in these platforms .”
FOUR ESSENTIAL FEATURES IN A DATA ANALYTICS PLATFORM
1 . Real-time data processing capabilities We live in an age when speed is of the essence – not only when delivering good customer services , but when monitoring the performance of a product or when analysing the market response . Real-time data is also essential in making sure your platform is constantly on top of the very real threat of cyber-attacks . Old data can result in a mishap occurring without a company realising it . Insurtechs also need a solution that provides access to real-time data processing from multiple sources , including their own datasets . Modern data analytics platforms should allow companies to update features and gather information from different sources to suit any applicable use case .
2 . Agility and automated updates Insurtechs require platforms that connect to their business workflows as well as risk exposure data . An analytics platform that is compatible with APIs enables insurtechs to connect seamlessly with their solutions , utilising both external and internal data sources . This streamlines the downstream service apps and modelling systems , enabling businesses to respond to changes efficiently .
108 May 2022