Insurance organizations have always valued data.
This allows them to create risk models that are the foundation of the business. In a service-oriented environment, data provides resources for consumers to accurately know and improve the customer experience, enhance organizational performance, meet compliance requirements, and understand how the market is changing.
One question that worries every CXO is: “How can we make our company and products better for the customer?” The answer, today, is straightforward. Data is what makes and breaks organizations. The data allows organizations to look at their past work with surgical accuracy and allows them to look forward with confidence to rebuild their business in the near future. Data is very important for the insurance industry. Paul Johnson, CIO and COO of PIB Group (ITC Infotech Customers) says, “This allows us to develop services for customers rather than you have to try and sell these products.” He is a dynamic and diverse insurance expert. Provides customized solutions for personal and business customers. Johnson takes into account the fact that in a service-oriented environment, data provides users with the means to accurately learn and improve the customer experience, enhances organizational performance, meets compliance requirements, and Understands how the market is changing. Despite the upside, why is it so difficult for the board to sell modern data vision?
The reason boards are wary of CIOs is that they pursue a data agenda that never shows a reasonable ROI. In the experience of leaders running successful data modernization programs, the board needs to see two results of data modernization:
ROI – which is not necessary in terms of financial impact – is possible in three years. . Boards need to be aware of the fact that updating data is better than spending more on database reporting because investing helps shape business strategies through insights. Data modernization must be looked at strategically.
Instant win that allows the board to buy into the journey of data modernization. This allows the organization to do all the other exciting things to improve the business, including increasing revenue, improving operational efficiency, and providing customers with more and more personalized ways to more efficient up-sale and cross-sale. Ways to serve.
Five major changes make investing in data modernization an industry:
Direct, digital, and embedded sales will become dominant channels for growth, enabling direct cross-cell and up-cell insurance.
Subscription Revolution Insurance will look deeply connected to the daily lives of consumers.
The ecosystem will expand as clouds and new connections enable radical innovation.
Real-time threat exposure and response will become a reality. Huge savings due to faster processing and elimination of counterfeit transactions
Adopting AI will accelerate change.
A simple scenario helps adapt changes to context. Imagine a customer asking for motor insurance. The right way to prepare insurance is to obtain usage data and create an AI-driven risk profile for the customer. Based on this, insurance is offered in the subscription model to meet the needs of the customer.
Although there are many challenges and questions about trust, security and governance in updating data related to scalable architecture, all of them can be addressed by taking advantage of an intelligent cloud. But it needs to pay close attention to Johnson’s words of wisdom that come from experience: Don’t cut as much as you can chew – don’t promise the world, promise what you can provide. Collaborate with IT and businesses to update business understanding data. And don’t rush – if you do, you’ll make mistakes.
Insurance organizations have always valued data. This allows them to create risk models that are the foundation of the business. Now, they need to use internal and external data and use it in real time to improve the customer experience, improve organizational performance, and meet complex regulatory requirements.