Other parts of this series:
There is vast potential for the insurance industry to tap into its own workforce data
As one of the oldest, most established and data-rich industries, the insurance industry has a wealth of internal data at its fingertips. It is accepted practice to use external data to help understand customers and make strategic decisions. However, if not prioritized at a strategic level, internal data and its intrinsic value can remain trapped within an organization. In a recent Accenture Strategy report, ‘Putting Trust to Work. Decoding Organizational DNA: Trust, Data and Unlocking Value in the Digital Workplace.’ Accenture refers to this trapped data as organizational DNA.
Defining organizational DNA
The data generated in real time by people and their work reveals the DNA of the organization. This data can help insurance executives better understand what makes their companies tick. Every business tool—from emails, company social platforms, video or voice recordings, or employer-provided devices such as cellphones and wearables—leaves a digital trail. This data can be analyzed and then, through the application of analytics, human judgment and artificial intelligence, converted into actionable insights.
Examples of untapped data
Data can only be given meaning and have value if it is mined and interpreted correctly. The following areas in an organization hold the potential to provide game-changing data.
- Work processes
- The performance of people
- The way people collaborate with intelligent machines
Why organizational data matters
If leaders can successfully decode the data within their organizations, they have the power to kick-start innovation, refine agility, strengthen cyber security and nurture employee performance and engagement.
Organizational data: do leaders see the opportunity?
In our recent survey of 1,400 C-level business leaders in 13 major economies, it was revealed that more and more businesses are committing to using workplace data. No fewer than 96 percent of insurance respondents recognized that new sources of workplace data could be used to unlock value that is currently “trapped” in the enterprise.
If leaders are in agreement that organizational data can unlock value, what is holding them back? In my next blog post, I will discuss the intersection of workplace data and trust—as well as some strategies for navigating this territory so that everyone in the business benefits. If you would like to get started on the Organizational DNA strategy for your business, contact me.