Pascal Bouvier's narrative punchy and actionable for those anticipating the changes required by carriers and re-insurers.
I do propose that in addition to the big bang approach insurers digitising their processes and operations should look at the dramatic improvements that can be made from less glamorous focus.
How about the 90% of data that is stored internally, unstructured and generally inaccessible? Relating to your business, customers and supply chain.
Focus on what makes a difference to your customers and then plan for Digital Disruption without Service Disruption. This means you must start connected data analysis and put more Self-Service Analytics in the hands of professionals across the carrier and re-insurer
Connected data analysis: I do not use the term “big data” any more. Real-time connected data analysis is the right focus. Think of the integration of a series of hardware devices, or think of n+1 data sources. These are powerful, mind-blowing and will affect the trifecta of insurance profits: underwriting, claims management and customer acquisition. 4) Technology stack upgrades: This means middleware to complement data warehouse investments, new systems of record, software platforms for underwriting (or claims management) and API galore. It’s the same story with banking; there is just a different insurance flavor.