Data and analytics create a compelling competitive edge for insurance carriers irrespective of their volume. Unfortunately, for plenty of insurers, records are a ‘depreciating asset’ resulting in zero value if not properly controlled.
In line with the latest SMA’s Insurance Technology Priorities and Spending Report, more than 82% of enterprise and technology officials surveyed at North American coverage companies indicated that ‘data and analytics’ will be a priority for strategic funding in 2016. 74% of respondents indicated that they are centering in on core systems replacement. These initiatives have a shared purpose: a right to better information to power business value and top line growth .With legacy core system replacements, many insurance companies are confronted with the data conversion catch-22 regarding historical records. Recurring questions and concerns include:
- What’s the TCO of physical work-arounds around claims? How do we avoid customer frustration, and errors?
- Is there a risk of faulty statutory and/or unit stat regulatory filings?
- What’s our customer attrition percentage? Do we have Customer 360?
- Will claims fraud and underwriting leakage analysis be incomplete?
How do we conquer this disruption and move ahead? On May the 5th, follow the adventure of a leading regional carrier that leapfrogged into the future of information to attain competitive analytics advantage.