In recent years, the combination of heightened customer demands for a more seamless user experience, combined with the rise of purpose-built insurtechs, has forced insurers to accelerate their innovation cycles.
Data-driven processes such as marketing, underwriting and portfolio monitoring, to name a few, require a deeper understanding of the customer, based on requests for as few data points as possible.
Insurers are also seeking opportunities to customize user journeys to enhance satisfaction with onboarding and claims processing.
In response to these challenges, insurers are developing world-class innovation teams, expanding their data science and technology capabilities and partnering with purpose-built MGAs to ‘test the waters’ in a more limited scope.
While some insurers are pursuing a combination of these strategies, almost all of them are putting an emphasis on improving data usage, particularly in the context of external data.