Data’s Long-Term Advantage
For insurers and technology partners, this is a fun question to ponder. Perhaps an even broader question might be, “What is smart insurance?” What does it look like to apply analytics-based decisions to the process — from underwriting through claims? More importantly, what does it look like to apply penetrating data knowledge to individual people and individual risks?
I think these answers may lie in a closer look at our human relationships, and how they closely parallel what insurers are trying to do with a wide and growing array of risks. As the insurance industry shifts its concerns, adds digital connectivity and mature data analytics to its portfolio, it may come to look, sound, and act much more like your mother.
After you’re done thinking about that picture, let’s consider it a moment. Insurance technology is striving to become cognitive and connected. The cognitive part will be forecasting problematic issues and preventing claims events. It will be asking who your friends are and wondering where you hang out. It will seem like it cares about you, and in some ways, it will. The connected part will be deriving relevant insights from everywhere.
Majesco is a provider of core insurance technology software and IT services to insurance carriers (P&C and Life, Annuity, Group) globally. Majesco delivers proven software solutions and IT services in core insurance areas including policy administration, billing, claims and distribution.
Tara Dilzer Alexander
Director, Marketing Communications and Creative Services