BETTER USE OF DATA
Advice for insurers looking to make the most of their data So insurers are being squeezed from practically every conceivable angle : regulatory burden is preventing their freedom to innovate , yet customers want hyper-personalised experiences and senior stakeholders want reduced risk – the technology is there to deliver both . If not exploited to its fullest , however , opportunity becomes threat . What words of advice do our experts have for insurance organisations looking to get more out of their customers ’ data ?
Cognizant ’ s David Sexton says : “ To stay relevant and optimise growth , insurers need to focus on business transformation , and digital strength will be a clear driver for doing so . Executives need to develop comprehensive data strategies that make use of all the information available to them through investment in technology . Investment in data and analytics is becoming critical to enable quicker , more insightful business decisions that identify return on innovation , reduce fraud and improve risk assessment .
“ For example , many insurers have already begun testing technologies such as conversational AI and natural language processing to interact with clients and try to meet their demands and expectations for faster , more efficient services .
“ In turn , insurers are benefiting from higher customer retention rates and lower agent turnover . These advances are becoming crucial in setting insurers apart , with low prices no longer being enough to entice customers .”
Cloudera ’ s Chris Royles adds : “ In recent years , we ’ ve seen insurers collecting and analysing a huge variety of data sets , allowing them to customise their offerings and deliver a better service . The next opportunity is likely to be just around the corner ; we just don ’ t know yet what this opportunity will look like . “ So my advice is for insurers to make sure they ’ re prepared for the next wave of data – whatever that might be . Only when providers recognise what data is held , and the customer is seen as the primary stakeholder , can the data be managed with the focus and care it deserves . “ Insurers must also have a unified data platform that enables them to apply ML , AI and advanced analytics to data , ensuring they can harness the power of new data sources as they become more varied and complex . This will allow them to gain better customer insights and provide more accurate policies .”
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