What’s next for P&C insurance data frontier?

March 29, 2024
1 min read



Key Innovations in Insurance Technology 2.0

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.


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