Digital Transformation in Insurance: notes from a recent virtual event
Seeing reports that state 90% of insurance data has been gathered in the last 3 years and with an estimated global daily payout of $37m in claims, it is not surprising insurers are embarking on a digital transformation journey to unify their data, use AI for pattern detection to combat fraud and create predictive modelling to envision the insurance of the future.
Having recently been one of the sponsors to the first ever virtual event for the insurance industry, Digital Transformation in Insurance: Customer Engagement & Operational Agility, I wanted to share some of our key take aways:
- Data plays such an important role in the ability for Insurers and Reinsurers to service customers, know more about their risks, drive operational efficiency and adapt quickly to changes in the market.
- Data isn’t something new in insurance. It has been a cornerstone of insurance since its early beginnings and is now stored in multitude internal systems, documents, data warehouses and a myriad of spreadsheets.
- This vast amount of data that represents an incredibly valuable resource.
- The possibilities of using this rich data to drive a change in business processes and actionable insights are endless in helping to drive better customer service, reduce risks, manage exposures, reduce claims and fraud.
However, in order to utilise data effectively, it must be extracted, aggregated, cleansed and then enriched to form the basis for analysis.
This is here where our 3-Step process via the Intelligent Data Hub is transforming insurers and reinsurers today, disrupting the market by having key insights readily available. These insights enable businesses to provide a personalised customer experience, proactively set procedures in place to reduce costs and mitigate risk to prevent fraud.
Our three-step process takes our clients through:
- Identifying the business need: clear goals to determine what your business needs to achieve and when they need to start visualising & displaying critical data.
- Ingesting data from multiple sources: the Intelligent Data Hub takes your data from multiple data sources to ingest, correlate and enrich data transforming it into a single source of clean data, ready for slicing and dicing any way required.
- Generate applications: you can take advantage of our pre-built customer centric solutions: insurance Data Solutions / Construction Data Solutions OR we can create a unique solution for your industry/business need. This process gives you clear reports and immediate dashboards. Importantly, in days rather than months!
This process provides the following benefits and capabilities:
- Complete big data capability with minimal upfront investment
- A cloud-based platform, bringing user friendly self-service to business users and data science to analysts
- Scalable, flexible and future-proofed
- Ability to take advantage of the latest developments in technology and software
- Maintenance and upgrades as a licence cost, with maximum automation and built-in data quality
- Platform capabilities are accessible anywhere, anytime, on any device
- Subject matter Data Marts and business process specific templates allow for accelerated implementation, for example insurance and construction
- Dynamic models for structured and unstructured data
- Low code/No code data structures
- In-memory data management and big data tools
- Data quality using data science techniques, machine learning and AI functionality
- Integrated platform for at-rest and in-flight data
- Data correlation, alerts & controls, events of interest
- Full data management, including reference architectures, data cleansing and data migration
Our clients, such as C2 and Careys are already enjoying these benefits. It is no wonder why Matt Coniam, Group IT Director from Careys Plc states:
“The guys have met the challenges I have presented them within timescales that have exceeded my expectations. Careys now have a future proof cloud based data platform that allows us to rapidly exploit our data and quickly plug in new data sources like sensors, real-time data feeds, excel, 3rd party applications etc., as and when we want. The journey that we have embarked upon with The Intelligent Data Hub is proving as excited as we had hoped.”