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The next chapter in insurance transformation

For insurers, better understanding their data provides more significant competitive advantages.

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Digital transformation. A key question to ask as part of the transformation process is: How do we optimize the experiences for insureds, agents, employees and vendors to create the best outcome for our company? (Photo: TippaPatt/Shutterstock)

While many people understand pieces of various initiatives they are working on, when you ask them what the overall goal is, the very generic answer becomes, “to make our business better.” The more complete answer is that better understanding your data provides you with significant competitive advantages.

The future for the insurance business process and profit optimization is based on large data sets as well as personalized experiences. For example, a large carrier recently determined that smokers show a direct correlation that equates to elevated homeowner property risk and has adjusted their pricing accordingly.

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