Major challenges are driving insurers to examine more carefully how they derive increased value from all sources of relevant data. These challenges include:
These challenges all contribute to insurers seeking ways to use data and information to drive more value for their stakeholders. This situation is complex already. The complexity is increased when new data related opportunities occur such as social media engagement and high volume data such as telematics.
Insurers must cope with this complexity, while the pressure to improve revenues, cut costs and to attract and keep customers remains, in markets where the use of aggregators is increasing and retention is declining.
Download our free white paper to find out more about how the insurance market is changing and strategies that insurers can use to deal effectively with the challenges of the new data environment.