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February 26, 2016

Leveraging the Power of Data Insights

Summary:

Changing customer behaviors, non-traditional competition and operational constraints put many traditional insurance companies at risk.

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The vast majority of insurance companies lack the infrastructure to mobilize around a true prescriptive analytics capability, and small- and medium-sized insurers are especially at risk, in terms of leveraging data insights into a competitive advantage. Small- and medium-sized insurers are constrained by the following key resource categories:

    • Access and ability to manage experienced data scientists
    • Ability to acquire or develop data visualization, machine learning and artificial intelligence capability
    • Experience and staff to manage extensive and complex data partnerships
    • Access to modern core insurance systems and data and analytics technology to leverage product innovation insights and new customer interactions

Changing customer behaviors, non-traditional competition and internal operational constraints are putting many traditional insurance companies—especially the smaller ones—at risk from a retention and growth perspective. The marketplace drivers create several pain points or constraints for small and medium size insurers, such as can be seen in the following graphic:

Screen Shot 2016-02-15 at 2.53.12 PM
This is excerpted from a research report from Majesco. To read the full report, click here.

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About the Author

Denise Garth is senior vice president, strategic marketing, responsible for leading marketing, industry relations and innovation in support of Majesco’s client-centric strategy. Garth is a recognized industry leader with both P&C and L&A insurance experience as a CIO and business executive with deep international ties in Asia and Europe.

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