In these past few months, things we knew already are getting even more clear. COVID-19 makes the need to change and act even more noticeable. This also counts for insurers. Insurers should invest further in digital and analytics capabilities. This should be done primarily focusing on bi-directional digital interaction throughout the insurance value chain and 'digital by design' propositions that continuously adapt to shifting personalized- (e.g. health & risk appetite) and environmental characteristics (e.g. pandemic, shifting demographics).
At everis we believe that enterprises that can adapt to this new reality will have a strong advantage in the business arena. These digital leaders are able to obtain, augment and transform data into continuous actionable and predictive business value.
The authors in the referred article state that 'Insurers should prioritize seven crucial digital and analytics imperatives'. These imperatives will help insurers to better understand their customers and use the insights gained in all interactions and propositions.
I will not go into detail in the seven imperatives, but please read them carefully. Though it is clear that six out of the seven imperatives require mastering data, analytics and intelligence services to successfully turn them into growth levers at scale.
And that observation is in line with the trend on the power of data that is already ongoing for many years. One of the key questions that all insurers are trying to answer is 'how they are going to master the power of data, both now and in the future'. Because this will allow them to optimize & automate business & IT processes (accelerated by intelligent automation), while ensuring seamless business continuity, reducing costs and offering unique user experiences throughout the insurance ecosystem.
We think we have a good answer to this question. But of course we are even more interested in the challenges that insurers have in this domain. I invite you for a virtual coffee to hear your story and find a way to help you answering the key questions you have to master your data.
Insurers should prioritize seven crucial digital and analytics imperatives