In all the reviews of insurtechs and digital transformation (or lack thereof) by carriers & brokers data and analytics/AI often gets relegated.
That's where Amazon holds a trump card- the knowledge of customers derived from the massive breadth and depth of data joined, analysed and given context.
It is within the power of insurers to add to those traditional skills that powered the foundations of insurance. Today, however, they rarely access, never mind analyse, more than 20% of data. And that's just internal data held in data and systems silos. External data is another matter.
Retrieve, join and analyse all this data
to combine core strengths with data management and analytics skills for world-class competitive advantage.
More reading
Insurers losing the digital buying battle
How insurers can get the most out of a digital transformation in 2018
