Data Challenges for the Insurance Industry

Data is essential to the insurance industry, in fact you could argue that data is the ‘thing’ that insurers create. When data is your commodity then it is vital that the data model is well defined and understood.

Customer experience

Customers expect insurers to validate the accuracy of their premiums, through any tools that are available, including machine learning and data models. If poor data quality results in poor customer experience, the customer no longer has faith in the reliability of the core business.

Managing renewals

Insurers need to make the renewal process as seamless as possible – across all touchpoints and channels, to maintain customer levels. Furthermore, the process needs to run smoothly both from an internal perspective and a customer-facing perspective.

Telematics

Insurers can create individual insurance models, based on a customer’s own usage. This allows you to be more price competitive and improve performance of risk models. Telematics require complex, real-time data models to ensure reporting is meaningful and accurate.

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