Data has been called the new oil, the lifeblood and a valuable currency. So, insurers are fortunate in that most have vast amounts of this most precious commodity. But, are they maximising its potential or is it too often an untapped resource?
There’s no doubt some insurers are starting to leverage the value in their data, even if an elite group is starting to pull away from the rest of the pack. However, as the rise of InsurTech shows, size is no barrier since smaller providers can prove highly effective through using with the right technology and not least, having a forward-thinking mind-set when it comes to sharing data.
Whether or not insurance is playing a big enough role in the data revolution is a moot point. The technology now exists to connect legacy systems, while machine learning and analytics allow for transformational work to take place, with the goal for many insurers being to turn their data into actionable insights. The question is, will this remain a goal or become a reality?
Software Solved, which works with a range of large and small insurers to deliver Risk & Claims Management Systems as well as data rich Customer Portals, is seeking to better understand this crucial area and so conducted a research project, in conjunction with Post. This involved speaking to around 60 providers, covering commercial and personal lines, and with those providing opinions including directors and professionals from various disciplines including underwriting, claims, risk management and IT.
Download this report from an in-depth analysis of the research findings.