Insurance leaders today view data as among their most valuable assets—some even call it the lifeblood of their organization. Yet few insurance companies have mastered the concepts at the foundation of modern data management— ideas such as the mobility and portability of data, its structure and velocity, and data as a “saleable” product or monetization.
Fewer still are comfortable with these concepts at scale. High performing insurers, however, will embark on a journey to ROI; they will liberate their data, generate value from it, and operationalize insights to drive strategic decisions through the organization.
Key to their success will be managing their data like any core product—in the context of a supply chain. The supply chain begins when data is created, harvested, imported, or combined with other data. The data then moves, flows, and transforms through the supply chain, incrementally acquiring value. The supply chain ends with a valuable insight as its output.
There are no shortcuts in the data supply chain. But it is also one of the most rewarding journeys that insurance companies can make in their transformation to become truly data-driven.
The process can prepare an insurer to become a digital disrupter by putting data together quickly, logically and at scale to mine it for relevant insights into risk, claims, and customers. Having this type of data supply chain mentality and capability will give the insurer an edge over its competitors.
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