In an increasingly competitive and digital marketplace, insurance companies worldwide must learn to adopt techniques that leverage next generation data in order to embrace the ever-changing industry. A recent Forbes article highlights how Allstate is doing just that, launching the D3 organization to bolster the firm’s data-driven analytics journey of “Data, Discovery, and Decision Science.”
Allstate, the second-largest provider of property and casualty insurance in the nation, launched the 300-person organization under the leadership of Chief Data and Analytics Officer Eric Huls. The D3 organization supports core vertical business activities, including product, claims, marketing, and more. “We’ve taken an aggressive approach to integrating data into business,” said Huls. “We continue to grow our data team and almost every day we’re seeing a new or different way the information we already have can be beneficial to our customers.”
Even further, Allstate is continuing to develop machine learning and natural language processing capabilities to improve customer experience. Its QuickFoto Claim initiative, for example, allows customers to provide collision photographs immediately after an accident. This represents “transformational analytical improvement” according to Rick Bischoff, Director of Data Science.
Utilizing new technology, recognizing ever-changing customer needs, and leveraging emerging data are the necessary steps to stay ahead of the industry. It’s no wonder that Allstate, along with other insurance giants, have already paired with InsureTechs like Carpe Data to overhaul their current business models and compete on data and analytics within a highly agile environment.
Read the full article here.