Insights

Insurers – with a supercar in the garage, why are you still pushing your bike up the hill?

Director, Head of Financial Services - UK
Valtech UK

July 20, 2015

“What gets measured, gets managed” - W. Edwards Deming

Insurers have access to more data, on their customers and themselves, than perhaps any other industry. In addition, new sources of external data are proliferating at such a rate that it can be hard to sort through the noise – social media, telematics, wearables, web analytics, geo-location… the list goes on.

Despite this embarrassment of riches, particularly within customer data, most insurers are still using the same messy, inconsistent, disparate internal data, generating the same dashboards and reports, and driving the same decision-making behaviours that they have done for years.

most insurers are still using the same messy, inconsistent, disparate internal data

Product development, distribution, customer service strategy, claims processing… it would be fair to say very little that is different has emerged in recent years. Yet customer expectations have changed immeasurably.

At Valtech, we believe that insurers can break out of this cycle, by applying an agile approach to data focusing on the customer perspective, achieving data-driven decisions at both the strategic and operational level. Those that achieve this will leave competitors in their dust and fundamentally change the insurance industry for the better.

Those that do not won’t survive.