Innovating in Insurance
We believe that Analytics and Big Data will be the fundamental agents of transformation, driven by technology enabling new ways to extract insight from data.
In response to the exploding volume of data now available to insurance carriers, enabling the Data-Driven Underwriting process, our Consultancy and Data Analytics services help you to quickly realize tangible business benefits.
Replace old methods of storing data for underwriting transactions, either in paper files or legacy systems, with new automated ways to extract data – creating opportunities to gain additional insights.
In the evolving underwriting ecosystem, data should be linked in real time to underwriting activities to minimize leakage in this process. Data integration will require the implementation of new skill sets in order to meet the requirements of this new underwriting model. Carriers need to be able to organize this data for exploratory purposes, as well as for ongoing risk analyses.
The data gathering process has been transformed – data can now be collected directly from the customer and large amounts of external data can be integrated into the underwriting process.
Insurance leaders are now taking increased strategic risks to get to the forefront of product innovation.
Employing technological experimentation with data drives better results, enabling a more dynamic approach to evaluations and a strong analysis of risk attributes. This allows insurance carriers to leverage insights and be aware of the changing aspects of risk, ahead of the market.
We recommend that insurers work on a cross-functional level to develop a culture of educated data exploration. Once an organization is ripe to reach data maturity, it is time to convert your data into actionable insights.