P&C "insurers must address their IT data collection systems in order to profit from more IT glamorous solutions such as chatbots, blockchain, artificial intelligence and the Internet of Things (IoT)" says Sven Roehl, who facilitates The Cookhouse Lab in Toronto.
But different products and different geographies run in different legacy core systems- multiple silos that block digital transformation.
This requires access to and analysis of both structured and unstructured data from all these data silos. Add external data and you are onto a winning data strategy for digital transformation of the whole claims value chain.
Data integration is a big issue, because insurers still have legacy IT systems operating in silos. For example, an insurer may be using a different IT solution for home insurance than they are using for auto insurance—and yet they are advising customers to purchase both. “That’s where [insurers with siloed IT solutions] really struggle, because they don’t have a complete view of you as a policyholder,” says Roehl. “This requires big work on the IT side and is everything that is necessary to get ready for the future.”