Real time decisions in insurance

Today’s customers rarely have the patience or inclination to read through pages of marketing material or documentation, or to make face-to-face appointments with an agent during their working hours.

It is little wonder that more than half of motor insurance in the United Kingdom is already conducted directly via digital channels, without the intervention of an agent or representative. Being “always on” themselves, customers want simplified access, convenience, and service that is fast, responsive and above all “always on”.

However, simply going digital does not go far enough in meeting this expectation. It is already widely understood that insurance companies must leverage insights based on what they can learn from data. There is certainly no shortage of data available within insurance companies; on the contrary there is already too much of it for many companies to handle.

The challenge for insurers is that these massive volumes of data continue to exist in separate silos, they are difficult to access, and their value is time-limited. Consequently, despite the availability of data, decisions continue to be largely based on gut feel and limited information.

Download this whitepaper to find out why the industry’s ability to move to real-time decision-making across all major processes holds the key to future success.