Insurers face plenty of hurdles, including shifting compliance requirements, intensifying environmental, social, and governance (ESG) risk factors, and the new normal of long-term remote work. Insurers’ ability to address these challenges relies on easily accessing, analyzing, and reporting data. More specifically, connected data.
“Overall, it’s really about treating data more as a connected asset versus a siloed asset,” said Alejo.
Data That Delivers
Customers give insurance companies a wealth of personal data. Protecting sensitive customer data should be table stakes. Insurers also need to use that data to create a better customer experience. Internal data also helps insurers stay ahead of trends in consumer demands, introduce new products that customers want to buy, and drive growth.
“This data really provides insurers with insight around how to continue to evolve their own business,” said Alejo. “Because insurers are data rich but at times insight poor.”
Connecting the Dots
To get better business intelligence, insurers need to connect data, not just amass it. The connected data made possible by cloud-based management systems gives insurance leaders the ability to anticipate and pivot to market shifts.
That’s why there’s a strong business case for cloud-based management systems. Digital platforms provide layers of security and redundancy that boost resilience and deliver the streamlined experience employees have come to expect. Cloud systems also make employees’ jobs easier by automating data entry and reporting, so they can focus on tasks that add greater value to the organization. Plus, as insurance companies face more burdensome and changing regulatory requirements, cloud-based platforms offer greater flexibility and depth in reporting.
For more on how forward-thinking insurance leaders are future-proofing their business, read our report developed in partnership with KPMG: “Future-Ready Insurance Leaders: Defining the Next Generation.”