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Expert Opinion

Adapting to changing policyholder behaviors & expectations

There is a need to evolve data analytics alongside changing customer behaviors and expectations.

By Kenneth Saldanha | June 28, 2022 at 07:22 AM
Red lights "traveling" along a data highway. While consumers are more willing to share personal data in exchange for more personalized services and pricing, they do have concerns about their insurers’ ability to use their data responsibly. For instance, just under a third (32%) of consumers say they significantly trust insurers to look after their data. (Credit: Knssr/stock.adobe.com) While consumers are more willing to share personal data in exchange for more personalized services and pricing, they do have concerns about their insurers’ ability to use their data responsibly. For instance, just under a third (32%) of consumers say they significantly trust insurers to look after their data. (Credit: Knssr/stock.adobe.com)

The insurance industry has always been based on data. Risk models and actuarial analytics have been and will continue to be essential to how the industry allocates capital as well as how it assesses and prices risk.

Leading insurance companies are reinventing their product and customer engagement strategies to meet the evolving needs of customers in real-time — with data at the core. To make it work, they need both customer data from connected and Internet of Things (IoT) devices and advanced data analytics.

 

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