BIG DATA
“ Big data is the bedrock of building data models to support insurance operations ”
DEVASHISH MISHRA HEAD OF SOLUTIONS FOR EUROPE ,
PERSISTENT SYSTEMS
It is in this breakdown we come to the core purpose of insurtech innovation , to make insurance offerings more customer-centric .
Why are legacy insurers so slow to adapt ? Improving the customer experience is clearly important for any business , let alone insurance , as it evidently leads to greater customer acquisition and retention .
So , why are legacy insurers so far behind in their digital upgrade roadmaps ? With oceans of data from years of being in operation , it could be argued that legacy insurers have the greater means to innovate over their challengers , so why have innovation drives been so slow to take off ?
For Marr , it is perhaps more an inability to integrate new models than a lack of desire . However , insurance is and always has been a risk-averse business -- a long-held culture that is slowing the pace of innovation too . Marr says : “ Legacy insurers are often anchored to dated systems and processes that deter them from capitalising on the big data goldmine . These archaic infrastructures impede the integration of modern data analytics tools .
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