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The use of Data, Analytics, AI and ML in insurance is changing, are you?

The Headlines in numbers

  • Data, analytics, AI & ML can elevate your margin from between 5 - 40%.
  • 73% of data kept by companies is unused for data analytics (Gualtieri M, 2016), because most of its potential lies dormant, it is either locked up somewhere where it can’t be easily accessed, or it isn’t business ready.
  • Less than 5% of firms have a data and analytics strategy showing them how they will generate value from data and analytics.

The drivers 

Insurance firms must evolve to remain competitive in the industry and meet shifting customer demands by ensuring their ability to:

  • Provide more accurate pricing
  • Identifying and mitigating risks
  • Build a more efficient claims process 
  • Create more efficient operations / back office
  • Improve accuracy and ease of regulatory reporting

All these activities are driven by data, Analytics, AI, and ML. However, most firms are limited in their ability to do this by their legacy systems, as well as their data quality and lack of common data standards. 

The insurance industry is looking to develop new and relevant products, whether these are related to Covid, climate change, cybersecurity, or sustainability, and these all require new data sets for pricing and risk modelling. We expect to observe an increase in these insurance data models, allowing customers to integrate their own data to help them make decisions.

We’re seeing a move towards ‘open insurance,’ in which a customer can offer permission for the secure sharing of their financial information between organisations via application programming interfaces (APIs) – this open communication would allow for better, simpler, and more convenient services for the customer.

In summary, each firm needs a data strategy adopted by the whole business. The strategy will be different for each firm as it aligns to their business goals, budgets and capabilities. 

This is where DataTick comes in. 

There are a range of specific and relevant services that DataTick can provide to help you. 

  • We have proven techniques to help you identify how your data can drive business value. We will bring examples of case studies as well as new ideas that lead to creative approaches to well-proven techniques. Our rapid analysis of your data sources helps us to develop an understanding of your current data infrastructure and capabilities, enabling us to assess your ability to deliver value.
  • We will create a data and analytics strategy to ensure the business and data teams alike are aligned in generating that value. 
  • DataTick will define the quick win data activities to support your business transformation programme to create valuable change. 
  • The ability to scale your data, analytics, AI, and ML capabilities cost effectively across your business will be key to your success. DataTick will help you do that.
  • We will establish if your data functions are fit for purpose by assessing agility, quality of output, quality of the team, productivity, and effective use of tools and techniques. After identifying bottlenecks or weaknesses, we work to optimise your teams to improve focus, performance, and motivation. We will establish processes to ensure their activities are efficient and that progress can be measured. 

Conclusion 

DataTick - Focussed on value

DataTick – We don’t land and expand. Call us when you need us. 

DataTick – Are with you to make a difference, quickly. 

DataTick – Wrote THE book on data and analytics strategy for business so you know what we’re talking about. 

 

Get in touch 

If you need help understanding how to get the most value out of your data, get in touch with our experts by email or give us a call. We’re happy to help!

Email :                         info@datatick.co.uk

Call :                            (0333) 772 2204

Website:                      www.datatick.co.uk

Watch the video:           https://youtu.be/w47yWc_ZfeI

Buy the book:                Amazon

Get in touch

If you need help understanding how to get the most value out of your data, get in touch with our experts by email or give us a call. We’re happy to help!