The already large volume of insurance data is multiplying exponentially, as illustrated by the wearables trend I discussed in my previous blog post. That’s good. Data is the currency of the digital age, and more data can help life insurers to know their customers and their business even better. Still, with the deluge of data, how can insurers isolate the important signals from the noise? Analytics. It’s the golden key for creating business value today.
Insurers seem to agree. About half of the insurance executives polled in The Digital Insurer: Accenture Digital Innovation Survey said their priority is to invest in open data and big data analytics. Data with analytics is the most important component of their overall digital strategy, with 59 percent having already made investments in data mining and predictive modeling.
The goal for life insurers in deploying advanced and intelligent analytics is to mine new data value and strategic insights for growth. It means treating data as a product across the life insurance value chain and making data more mobile—harvesting it from multiple sources, combining it with other imported or created data and moving it through all areas of the business. It means using live analytics and data visualization to present complex analytics and data discovery in ways the most benefit staff, agents, partners and customers. Doing so can open up a range of benefit possibilities in expanded sales, improved brand loyalty, lower expenses and beyond.