The sheer volume of data that insurance companies process and analyse on a daily basis is astonishing. This data is what helps inform decisions from top to bottom, from premium pricing to new product development and everything in between. However, an insurer can only act on their most valuable asset - data - if it is stored, organised and managed properly.
That is why so many insurers are investing large sums into their data management systems. In fact, data management and accessibility is a primary driver of many automated functions in the industry, such as claims, rating, billing, and more. Ultimately, the way an organisation manages and uses its data to derive meaningful business insights that are accurate and timely will be critical to its long-term success and growth.
This blog provides some top tips about transitioning to a more robust data management system and the benefits insurers can expect from cloud-based data modelling platforms.