With the rise of InsurTech, the new world of insurance is indeed a playing field—players jockeying for positions, making plays, aligning their teams, and acquiring new ones. Then, there are those who aren’t really sure what position they’re supposed to be playing. For these reasons and more, the sports world is relevant to the present state of InsurTech—it requires a game plan and guts. You can either stay on the bench and watch it unfold, or get in the game and start making plays.
An excerpt from our latest eBook: click here to download the full version.
Last year’s record insured losses, $144 billion globally according to Swiss Re, have proven to be a catalyst for reinvigorating P&C insurers’ focus on driving efficiencies in the commercial underwriting process—ideally for minimal cost and disruption.
One of the key issues emerging is a gap between the wealth of information that is now abundant and insurers’ ability to process all that information—there’s both a deficiency in speed to information and the ability to harness its value. This deluge of data, in particular natural hazard risk data, is hindering the performance of property underwriters. But it doesn’t have to.
“We got cows!” This memorable line from the movie Twister came when a cow was hurled by a tornado in front of a truck driven by two storm chasers. A tornado can pick up just about anything, and while flying cows may not be on most insurers’ minds, they do need to worry about the impact 200+ mph winds could have on their books of business.
InsurTech, or digital information, isn’t just about Internet of Things (IoT), blockchain, wearables or telematics. A key digital transformation initiative, and competitive differentiator in the digital age, will be advanced data and analytics. And, innovation in data analytics is a big chunk of the $185 billion global insurance technology spend in 2017. If you’re struggling with legacy systems, lack of visual analytics, data inaccuracy and disparity (among many other analytic challenges), it’s time to make advanced data and analytics a transformation priority.
This 2-minute infographic shows how and why to bridge the technology gap with InsurTech for better data and analytics: