PriyaPatel
TLDR:
Insurers have a vast amount of data available to them, but only 18% are able to optimize it for competitive advantage. Predictive technology is enabling carriers to gain a predictive view into customer risk levels and tailor services accordingly. Carriers can identify customer journeys, design customer-friendly processes, and achieve accurate rate evaluation. Partnerships with technology companies can help carriers take advantage of new technologies like AI for better predictions and profitable growth.
Key Elements:
- The insurance industry has always been data-driven and a pioneer in big data.
- Insurers previously had vast amounts of data but struggled to fully capitalize on it for competitive advantage.
The insurance industry has been a pioneer in using data intelligence for more than 100 years, but only 18% of insurers are able to optimize data for competitive advantage. With innovations in technology, carriers can now gain a predictive view into customer risk levels and tailor services accordingly. Predictive intelligence allows carriers to identify different customer journeys, design customer-friendly processes, and achieve accurate rate evaluations. By partnering with technology companies, carriers can leverage new technologies like AI for better predictions and profitable growth.
