For insurers, data is the key to success
Data is a mainstay for insurance organisations, but becoming data-powered is easier said than done and competition from InsurTechs is on the rise. So, how can insurance organisations transform into data-powered enterprises? We wanted to find out.
For the latest Capgemini Research Institute report, The data-powered insurer: Unlocking the data premium at speed and scale, we surveyed over 500 insurance executives at 204 insurers with over $1bn in annual revenue, and found that data masters who make the best use of data are already winning market share, improving key ratios, and generating superior risk intelligence.
To achieve this level of data mastery, insurance organisations should build the infrastructure to allow rapid implementation of data-derived insight, establish an appropriate operating model to scale data-driven use cases, foster a strong data culture across the organisation, and orchestrate an open-data ecosystem.
Those that succeed will reap massive rewards, even as they work towards their end-goal. To read more about our recommendations and find out what concrete steps your organisation can take today to become data-powered, download the report.