What changes we are seeing in how data is used by insurance companies?
Data has been one of the fundamental foundations of the insurance industry for decades. Mathematical models have been used by actuaries to predict damage and losses, collecting huge amounts of data so they can keep a firm record of their customers, even before mainstream technology came into play.
In the last 5 years, there has been an accelerated investment in transformation and a focus to evolve the sector to maintain its position alongside new technology.
Forward-thinking and innovative insurance companies are not just watching the industry change, but are taking action to evolve with it. They are making investments to become customer-centric and improve their efficiency when handling claims and large amounts of continuous data.
Customers want everything double the speed and triple the quality in results and are using their newfound knowledge of their choices to their advantage. Insurers digitising their services will bring a tailored offering that will be the result of individual in-house tech trials, or partnering with Insurtech start-ups to lighten the load.
The industry is making the right strides to embracing new models of tech and using techniques to support risk and operational analytics. However, those companies who are planning a strategy change internally or seeking support from a consulting service, are exercising the importance of an entire company revision, rather than acting on new technology that will evidently clash with what is already in place.