Why Unlocking Access to Customer Data Is Important
December 02, 2015 by Madison Jacobs
Savvy, data-driven insurers are utilizing customer data to gain an advantage over their competitors and deliver an exceptional customer experience. Here's an excerpt from one of our newest eBooks on why unlocking access to customer data is so important.
Unlocking Access to Customer Data to Gain a Competitive Advantage
For years, insurance companies have been lured by the promise that big data and advanced analytics will revolutionize theirindustry. However, joining the big data revolution isn’t as simple as hiring a data scientist or investing in data technology resources. Insurers face massive sets of unstructured data, potential privacy issues, cultural resistance, and a variety of additional obstacles.
The most forward-looking innovation in the insurance industry is coming from companies that have started to unlock the benefits of big data–and not all of them are traditional insurance companies. New data-native competitors, such as Amazon and Google, are using digital data to innovate in insurance. Meanwhile, traditional insurers are grappling with new data while still struggling to unlock massive sets of legacy data. Legacy insurance data on risk trends, policy purchase habits, customer preferences, etc., offers traditional insurers a huge competitive advantage, but unless companies can tap into this data, competitors with only digital data will still pull ahead. Today’s insurers are challenged to not only unlock legacy data but also find ways to merge legacy data with new insights from digital data. With the right big data strategy, traditional insurers can far outpace new competition, deliver improved customer experiences, reach new markets, and more. Learn how unlocking big data can open the door to new opportunities for your business.