FOREWORD
AS THE GOING GETS TOUGH , GOOD DATA BECOMES CRITICAL Data is to insurers what yarn is to knitters : the very fabric of everything we do . We can ’ t imagine an insurer being successful without making adequate use of data .
“ There is an inseparable relationship between risk and price . If one increases , it ’ s likely the other will follow ”
Data helps insurers to understand who their customer is when they first take out a policy . They continuously use it to help them predict and model their exposure to risk . And , as digital consumers demand better experiences online , data is increasingly being used to personalise insurance offerings and tailor the level of service we provide .
We have a cram-packed issue of InsurTech Magazine for you this month , including a feature on improving the use of data within the insurance industry . We ’ ve spoken to some prominent experts from well-regarded companies like Cloudera and Cognizant about existing data-use practices , holes in insurers ’ data strategies and what more can be done to make the most of the vast swathes of data they hold .
There ’ s an inseparable relationship between risk and price . If one increases , it ’ s likely that the other will follow . Clearly , with many consumers experiencing pressure on their household budgets , effective use of data will allow insurers to mitigate exposure and keep premiums low for the buying public . With this in mind , we also explore the recent rise in insurance fraud and ask what insurers can do to protect their businesses .
We hope you enjoy reading !
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