BETTER USE OF DATA
Are insurers making the most of the data they collect ? Once you guarantee that you ’ re collecting the right data , the second important step in any data strategy is to make the best use of it internally . “ Insurers are not making the most of data they already have access to ,” Royles asserts . “ In fact , recent research shows that up to 75 % of data in-house is not being accessed and used by insurers .
“ This is because a lot of data is still being stored in old legacy systems , which can make it hard to unlock and access . Also , valuable data is often unstructured , such as underwriting and claims notes . As a result , insurers often don ’ t know the power of the data they actually have available to them .
“ Make sure you ’ re prepared for the next wave of data – whatever that might be ”
CHRIS
ROYLES EMEA FIELD CTO , CLOUDERA
On top of this , not all insurers know exactly which business use cases can be optimised by which data . All of these issues make it very difficult for insurers to make the most out of the data they already have in their organisation .”
Royles emphasises that it ’ s important to put the customer at the heart of your data strategy , as it ’ s their data in the first place . “ This means they can act as stakeholders in their own data management , and access and maintain their own data when needed . This will drive the customer experience and create more regular engagement .”
Both our experts believe that customers are on the lookout for hyper-personalised service .
46 May 2023