- Data in the insurance industry should be used purposefully and not just for the sake of having data.
- The uptake of technology in insurance is still slow, but there are steps that can be taken to accelerate it.
In a recent interview with Max Drucker, CEO and Co-Founder of Carpe Data, the importance of getting data into the insurance industry and using it effectively was discussed. Drucker emphasized the need to avoid being overwhelmed by data and instead focus on its purpose and how it can improve processes. He stated that data for the sake of data or AI for the sake of AI is not interesting; instead, data should be used strategically to avoid adverse selection and prioritize good businesses.
While there has been an increased embrace of technology in the insurance industry, there are still many who are resistant to change. Drucker believes that providers need to work closely with companies to integrate new technologies into their existing processes, rather than simply providing them with new tech and expecting them to figure it out on their own. He sees this resistance as a speed bump that can be overcome with enough carriers using data effectively, as it will highlight the negative impact of not adopting these technologies.
The interview offers valuable insights into the proper utilization of data in the insurance industry and the steps that can be taken to speed up the adoption of technology. It serves as a reminder that data should always have a purpose and be used strategically to improve business processes and outcomes.
To listen to the full interview with Max Drucker, you can visit Risk Management: Brick by Brick on Apple Podcasts or Spotify.