A key barrier to leveraging the data that The LexisNexis report highlights as a critical success factor is the proliferation of data silos. Silos which mean insurers do not access, never mind analyse, the mine of valuable information there. That is before considering external data.
know the grass is always greener there but first start mining the data you have already collected in the data hills and valleys of your own enterprise.
Usually it takes years and $millions to solve the issue but new insurtechs have the answer. 360Globalnet, not a start-up as it has processed over 3.6 million claims digitally and counts two of the largest global insurers in its customer base, already unleashes the value of structured, semi-structured and structured data.
Access, join and analyze disparate and multiple data sources. Text, photo, video, audio, metadata... you name it as you must be able to analyze it.
The prize is the competitive differentiation to be a digital leader in this transforming insurance landscape. With the vision, strategy, resourcing and technology you can achieve the same heights as Amazon, Apple, Ping An which combine master data management with commercial acumen.
Slip down the running order and fleeter, more agile incumbents will swallow you or just let you join a lengthening and long tail of insurers that cannot leverage the valuable data stored but not analysed.
Keep at the front and you will win the majority of earned premiums and profitability. And there is another significant prize.
Whilst most insurers say, and believe, they should leverage AI most just do not have the data management skills and technology to do so. 360Retrieve lets you unleash the decisioning and action from data currently inaccessible and is also the platform for AI once you surface the massive data required for effective AI projects.
Short-term, medium-term and long-term innovation based on the data within your reach
Encouragingly we found that 84% of commercial motor insurance providers consider data enrichment valuable to their business. More than three in five take a favourable view of the concept of contributory databases and two thirds believe these have, or will have, a prominent role to play in their business. Perhaps not surprising given they have deeper pockets and bigger resources, larger insurance firms are more likely to utilise data enrichment technology already. The survey revealed that this group is the most positive towards to the idea as a whole. 86% of respondents working for large commercial motor insurance providers think data enrichment is – or could be valuable – to their business, compared to 82% of the respondents who work for smaller providers.