Delivering new products at speed. Providing personalized customer experiences at scale. Enabling better, faster decisions across the business. Succeeding in the insurance market today requires meeting these and other objectives, and meeting these objectives requires data-driven transformation that embeds analytics and AI at every level of the organization.
These trends have led to insurers embarking on a journey to turn their volumes of data into value-creating insights. However, this is no easy task. Companies must manage ever-increasing amounts of information as advances such as connected cars generate more than a terabyte of data every hour. It requires treading the fine line between using consumer data to build customized products, while respecting privacy laws, and without violating the trust of customers wary about sharing their data in the first place.
Most of all, it takes building a data transformation journey with the right destination in mind. All too often, insurers view data in terms of the short-term value it can create. Rather than seeing data’s potential for fundamentally changing how a business operates and creates value, companies focus on identifying small improvements in costs or process efficiency.
This isn’t to deride making marginal improvements. It’s simply emphasizing data programs that generate transformational results put three guiding principles at the heart of their objectives: Using data for effective, ethical, and noble purposes.