Spending on information technology trails only the cost of claims and salaries among the largest expenses in the running of the insurance industry. But while the picture is broadly similar across the financial services sector, insurers have generally been slower to realize many of the strategic benefits of technology investments.
In fact, many insurance companies struggle to answer basic questions such as: Who are my customers? How has their buying behavior changed over time? How effective am I at selling to them?
Deciphering the data needed to answer these questions requires a Rosetta Stone of sorts, but the missing piece is not more technology. Rather, the key is to reach “a single version of the truth,” design systems that support data accessibility, and eliminate data waste.
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