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How insurers can leverage data to remain competitive

According to Capgemini, only one-quarter of insurers describe their risk selection and pricing as “fact-based and data-driven.”

The majority of these ‘Data Masters,’ they found, had three key things in common that push them ahead of the curve: They have a centralized governance or facilitation body, they collaborate with insurtechs and they have created open application programming interfaces (APIs) to allow external parties to access their data. (Credit: Thitichaya/Adobe Stock) The majority of  ‘Data Masters,’ they found, had three key things in common that push them ahead of the curve: They have a centralized governance or facilitation body, they collaborate with InsurTechs and they have created open application programming interfaces (APIs) to allow external parties to access their data. (Credit: Thitichaya/Adobe Stock)

A recent report form Capgemini Research Institute highlights the ways insurers are leveraging data in order to improve profits and stay competitive with InsurTech companies. According to Capgemini, 40% of insurers are using data to enter new markets, and 43% have upgraded and modernized their risk algorithms.

“It has become increasingly difficult for traditional insurers to compete with InsurTech companies,” Seth Rachlin, Global Insurance Industry Leader at Capgemini, said in a press release. “These organizations can only compete by embracing a data-driven approach to win market share, improve key ratios and generate superior risk intelligence.”

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Brittney Meredith-Miller

Brittney Meredith-Miller

Brittney Meredith-Miller is assistant editor of PropertyCasualty360.com. She can be reached at [email protected]

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