The Role of Data in Insurance Industry
Insurance markets in developed countries are now approaching saturation. Given the limited growth opportunities, global insurers are investing in emerging markets to capture the next wave of growth. In their home markets, insurers need to function at optimal operational efficiency for sustained growth and profitability.
In the current economic scenario, insurance companies will have to offer exceptional digital experience to retain its existing customers and minimize new customer acquisition cost. We believe that actionable insights generated from underlying claims and policy data will drive future business growth for insurers. Additionally, leveraging predictive customer analytics for proactive risk identification will lead to decrease in claims and loss ratio in insurance industry and help improve profitability.