Sign up and be the first to know

About Hugh Terry & The Digital Insurer

Hugh Terry & The Digital Insurer Video

Contact Us

1 Scotts Road
#24-10 Shaw Centre
Singapore 228208

Write an article

Get in touch with the editor Martin Kornacki

email your ideas at martin.kornacki@the-digital-insurer.com

Pre Registration Popup

itcasia2020 Registration Popup

Share Popup

Prime Member: Find out more

Access a unique programme!
  • 56 pre recorded lesson of online content from industry experts over 7 courses
  • The best in digital insurance for practitioners and by practtioners
  • Online MCQ after each lesson
  • Join the discussion forum and make new friends
  • Certificate upon completion to show your expertise and comitment
  • 3 months to complete
  • Normal price US$1,400 Your Prime member price is US$999
  • Access to future versions included in your Prime membership!
Become a member

Prime Member: Contact Us

REach out to us. Please fill up the form below
  • Let us know how we can help. You can expect a response within 24 hours

How to Beat Your Competition – FC Business Intelligence

[ff_author_box_style2]

Article Synopsis :

Big Data offers massive potential for understanding and marketing to customers across all industries. The impact in insurance will be more far-reaching, ultimately impacting every functional area of the business.

In the research report “How to Beat Your Competition Using Analytics in Insurance”, Morag Cuddeford Jones from FC Business Intelligence assesses the rise of new forms of data-driven and prediction-based capabilities in the insurance industry.  The first three sections of the report deal with customer efficiencies, customer experience, and analytics as a tool for acquisition, retention, or both?  There are also two sections on challenges of analytics implementations and planning for the future.

 The Digital Insurer reviews FC Business Intelligence’s Report on How to Beat Your Competition Using Analytics in Insurance

Analytics help insurers gain a competitive  edge

Morag’s view is that predictive analytics can solve a variety of business problems related to actuarial, supply chain, operations, customer management and claims, which will substantially improve the ability of insurers to innovate and compete in the changing insurance landscape. He’s also of the opinion that insurers have equal access to the same tools, techniques, and data (public sources) and differentiation will be a function of insight and execution at the carrier level.

Citing IBM, the report suggests six key processes in which analytics can play a role to meet the demands of impatient, data-aware consumers:

  • Fast: Accelerate processes, such as claims
  • Easy: Complete view of the customer, giving customers the right answer the first time, every time
  • Relevant: Determine policyholders’ needs and personalise offers
  • Consistent: Online, mobile, call centres and agents all have the same view of the customer and therefore treat them the same way
  • Value: Assess and accurately tailor premiums based on personalised risk profiles
  • Secure: Promote and practise good data management internally and to customers

For business executives there is research on the value of customer loyalty and the barriers to the use of analytics in big decisions (from Bain and PwC respectively).  For technologists, there is research on the flow of data in life insurance and the impact of IoT on life insurance (from Capgemini).

Digital Insurer's Comments

Differentiation in insurance lies in the power of prediction.  Insurers who leverage historical data and blend it with real time data to accurately predict customer behaviors and needs will outrank others on the Darwinian scale.

In its conclusion this report asserts ‘analytics is a project that will never be completed.’ We wholeheartedly agree.  Analytics isn’t as much a ‘program’ or ‘department’ as a quest, a mindset, an attitude woven into the operational fabric of digital insurers.

To this end we offer four ‘swing-thoughts’ for insurance executives:

  1. Right data: Formulate a data strategy. Identify how to capture, store, manage, integrate and analyse historical and real time data.
  2. Right technology: Align IT infrastructure and tools to the functions you are targeting (even at the expense of other functions).
  3. Right people: Acquire talent with the desired skill sets (even at the expense of existing talent).
  4. Right partner: Build external partnerships with firms who can accelerate results and/or defray costs related to your analytics journey.

Link to Source:: click here

Comments

';

Livefest 2019 Register Popup Event

Livefest 2019 Already Registered Popup Event

Livefest 2019 Join Live Logged-in Not Registered

Livefest 2019 Join Live Not Logged-in