Data is the driving force behind recent innovations in many industries, insurance being one of them. The innovation that we’re seeing currently—and will continue to observe in the years to come—is being driven by data and the tools that will enable data to be stored, collated, analyzed, and utilized. Looking ahead, the process of becoming “data-driven” is expected to not only change the industry but also to deliver tangible benefits to both companies and consumers. As we shift further into a digital era, the ways in which we conduct business and interact with our customers are drastically changing. Business leaders are looking for innovative ways to become more efficient and create a better overall experience for their customers.
For insurance providers, digital transformation doesn’t come without challenges. Insurance providers handle sensitive customer data on a daily basis, which is why data governance is a key business component. Customers want to know that their data is secure and protected, just as they themselves feel secure and protected under the coverage of their insurance policies. With the seemingly limitless advancements in technology, there’s now a push to automate more and more processes. Insurers must move to automate their procedures to make customer interactions not only more accurate and efficient but also more personalized. So, where do we begin?
The data-driven revolution
Evolution in the insurance industry has occurred at a growing rate, but often the industry is still seen as lagging behind. We want to change that perception. Insurance leaders know that automation is the way of the future. Thus, in order to be more competitive, more efficient, and more interactive, more processes must lend themselves to automation. Having well-governed and consistent data is especially important in the insurance industry because this data is used to assist customers in making the right decisions for their homes, their families and, ultimately, their lives.
Historically, insurance data was housed in multiple locations and across multiple systems both on-premises and in the cloud. To make access to the data easier, typically the information was duplicated daily into data warehouses. This process created a slight lag in data being refreshed, which led to data inconsistency. With an inability to share metadata, reference data, master data, transactional data, and streaming data across multiple platforms in real-time, insurers were not able to provide accurate updates to their customers.
What if there was a way to combine all of that historical data as well as up-to-the-minute data? Well, insurance leaders, there is—and you can claim it.
Leading the innovative way
Microsoft and TIBCO have found a way to use intelligent tech to create consistency across multiple platforms and all types of data while also keeping sensitive data secure. The ability to access all your data in real-time whether you’re communicating with your customers on your computer, your phone, or speaking with them live, will allow you to create a hyper-personalized experience that is tailor-made to meet the needs of each individual customer. Gone are the days of cookie-cutter packages and scrambling to find the data you need while the customer is listening to elevator music on the hold line.
The data-driven approach will allow you and your organization to create an overall better experience for both the customer and the agency. Agility and connectivity are now more important than ever. The right technology can help you improve customer satisfaction and acquisition, increase lead generation and brand value, boost underwriting efficiency, raise revenues, introduce new product lines, and reduce fraud. In other words, it’s time to learn how you can become a data-driven insurer.
At what stage are your competitors? What are the roadblocks ahead? What goal or project is the first destination for other insurers? Are you ready to drive ahead? Join Microsoft and TIBCO for a roundtable on The Data-Driven Insurer. Register today.