"Insurers Admire Digital Giants and Insurtechs More Than Any Other Competitor for Their Approaches to Innovation"
Gartner 2020 CIO's Agenda: An insurance perspective
Gartner's research also states that insurer's fear digital giants and startups more than any other competitors and identifies data mastery as an essential goal for all insurers to compete effectively.
Match those findings with this linked article by Erik J Sandquist MD Financial Services at Accenture and it makes data management and analytics platforms a critical success factor. With the strategy and leadership that Sandquist describes of course.
One pressing issue for insurers is the vast amount of unstructured data hidden in data silos, freeform text, emails, reports and letters. It is generally inaccessible and therefore not analysed. Being hidden it is also unavailable for any AI projects which cripples them from the start.
Insurers can plan to unleash the insights available by combining unstructured and structured data to plan and make decisions better. And ensure automation is optimal.
Data mastery is nothing if it is not part of a management and decisioning process to delight customers, reduce costs and empower staff.
For insurers, data presents various challenges, including: Legacy systems. It’s not always easy to get data out of these systems. Data in silos. Data can be difficult to find when it’s stored and managed by different business units and in different formats. Variable data quality and veracity. In older, more manual systems, the potential for error was high. Data ownership. Privacy and security issues, and regulations must be considered.