A new standard is emerging for how the insurance industry leverages data to fuel and guide their businesses. Insurers are expected to be able to know their customers better than the customers themselves, find opportunities where competitors aren’t looking, and continuously learn and improve their operations. Yet we know that most insurers have not adopted this standard, and the most common question we hear is “where do we start?”
The answer often catches people by surprise. That is because they expect to hear about breaking down data siloes, improving data quality and governance, finding the right talent, or implementing sophisticated technology and tools. The assumption is that high-quality data and processes are needed to make the leap towards this new standard.
Make no mistake, all these are essential pieces to the puzzle, but they aren’t the starting point. The answer to our original question is that the data transformation journey starts with adopting the right attitude.
This blog provides three steps for insurers to follow to get started with their data transformation journeys.