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BUILDING YOUR DIGITAL INSURANCE 2.0 FUTURE ON A ROBUST DATA FOUNDATION

SHARESHARESHARE

In Digital Insurance 2.0, data is a source of competitive advantage for identifying unserved or underserved markets, identifying profitable niches, reducing or eliminating risk, driving channel optimization, enhancing service and improving customer experiences. Combining data from traditional internal and new external sources can improve the richness of information used to make a wide array of business decisions that are increasing the gap between Insurance 1.0 and Digital Insurance 2.0 at an accelerated rate. To realize the benefits of becoming truly data-driven at the company level, insurers must have a broad enterprise data strategy underpinned by a robust enterprise data warehouse and model to capture internal and new, external data sources across multiple systems so that advanced and emerging analytics can be used effectively.