In Digital Insurance 2.0, data is a source of competitive advantage for identifying unserved or underserved markets, identifying profitable niches, reducing or eliminating risk, driving channel optimization, enhancing service and improving customer experiences. Combining data from traditional internal and new external sources can improve the richness of information used to make a wide array of business decisions that are increasing the gap between Insurance 1.0 and Digital Insurance 2.0 at an accelerated rate. To succeed, insurers must have a broad enterprise data strategy underpinned by an enterprise data warehouse and model. This will help them to capture internal and new, external data sources across multiple systems so that advanced and emerging analytics can be used effectively.
Digital technologies are informing, entertaining and connecting people and organizations like never before – and creating tremendous volumes and varieties of data that, when combined with internal data sources, are fueling innovations across the insurance value chain.
With the challenges of multiple systems and the lack of an enterprise data warehouse and model, many organizations are challenged to combine, organize and manage their multiple internal and external data sources. Others are struggling with building analytics dashboards, models and visualization. Most importantly, many insurers are struggling to transform their organizations from masters of data analysis to masters of being data-driven, a subtle but important distinction.
Fortunately, research shows that many insurers realize the importance of getting their foundation in place. But while users across the enterprise may be impatient to access and start using the data, a disciplined approach must be followed to ensure the full value of all data sources is realized, and to avoid the painful need to backtrack and re-do foundational steps that may have been skipped or compromised.
Insurance business transformation is a journey of change and revitalization, a renaissance of Insurance. Approximately 160 insurance companies worldwide in P&C, L&A and Group/ Employee Benefits are transforming their businesses with Majesco’s solutions. Our market leading software and consulting services uniquely underpin the entire insurance value chain and are designed to empower insurers with the agility, innovation and speed needed to meet their transformation opportunities. Majesco’s solutions include policy management, new business / underwriting, rating, billing, claims management, distribution management, BI/ analytics, predictive modeling, digital platform with mobile and portal, testing services, cloud services, bureau and content services, transformation services, consulting services and more. For more details on Majesco, please visit www.majesco.com