Director of Insurance Solutions
How can insurers take advantage of analytics and business intelligence to gain a competitive advantage?
Insurers have captured, converted and created digital content for over a century, but there are still vast amounts of paper in the industry. We have a chance to reduce that dependency and leverage much more of the digital content generated during traditional business operations. Add to that new data sources springing up everywhere as the world becomes more digitally connected. Emerging technologies, such as the Internet of Things, drones, autonomous vehicles, wearables, and many more are creating huge amounts of both structured and unstructured data. The ability to capture and manage all this information and incorporate it into the claims and underwriting process will become even more essential.
What are the drivers behind PAS replacements? How do the integrated functions and analytics-friendly features of these systems help insurers operate more efficiently?
Legacy insurance platforms are siloed from one another and the outside world, impeding the launch of new products, inhibiting collaboration among lines of business and hindering delivery of the user experiences that today’s customers, agents and employees expect. That can signal trouble in an industry that has leapt from “slow and steady wins the race” to “the fast and the furious” when it comes to technology adoption. More and more established insurers are watching insurtech startups rewrite the rules for risk assessment, policy creation and customer engagement. Companies that get it right stand to do more than just keep up with changing markets, but get ahead. Accenture says 35 percent of insurers that automated systems and processes reported cost reductions of more than 15 percent.