3 ways open ecosystems help P&C insurers thrive

In this digital insurance era, organizations should no longer be constrained in their access to data and analytics. (Shutterstock)

The value of third-party data is clearly understood in the P&C industry. From hazard data to property data, IoT, and more, insurers are awash in data.

As the sea of data assets expands, insurers must assess their ability to access data quickly and efficiently to drive immediate insights. But access is not enough. Data itself is sorely lacking without context — without the ability to use analytics to uncover the hidden value within. Workflows can be cumbersome and inefficient, with risk professionals often accessing multiple disparate systems to make informed decisions. Likewise, certain software and data can be proprietary — limiting the flexibility in how data can be used and visualized to drive insights. This delays decisioning and leads to potentially missed opportunities and extraneous costs.