Leveraging Data in the Evolving Insurance Industry

A recently published article on the Carrier Management website points out the highlights and importance of a recent poll of insurance industry participants and their views on the convergence of technology and insurance. Carrier Management, a Wells Media publication, provides insight and analysis for the property/casualty insurance executive suite.

The poll, conducted by Munich Reinsurance America during a National Association of Mutual Insurance Companies InsurTech trends webinar, asked roughly 350 respondents to name the top three technology factors they are confronting. The top concern for over 80 percent of the participants was data analytics; other concerns were improved customer experience and new products/services.

"The good news is that insurance companies don't have to do it alone," writes Stephan Hochburger, Senior Vice President of Munich Re America. "For those insurers that don't have the resources, InsurTech companies, reinsurers and other business partners can provide value by building data capabilities and offering services to help insurance carriers better understand and interpret data to help with risk assessment and pricing."

Hochburger echoes a common sentiment: on a global scale, the insurance industry is experiencing a major transformation involving technology and next generation data. In order to evolve with this change, insurance carriers must have the ability to "harvest and analyze both traditional and new data intelligently... it is critical for insurers to build tailor-made solutions and to do so by leveraging data in a new way." More and more, carriers like Allstate are following this advice, engaging InsureTech companies like Carpe Data.

The report ends with the following caveat: "Those insurers that are ready to use technology and digitalization to provide solutions to a world of new risks will be the ones that succeed over the long term."

Read the full article here.