InsurTech isn’t just disrupting the insurance industry; it’s accelerating a long-needed digital transformation that will enable legacy insurers to unlock the power of their first-party data to deliver more personalized, holistic coverage.
At Saggezza, our Data and Analytics team has decades of combined experience breaking down data silos, standardizing data, and automating data input systems. We’ve seen the benefits pay dividends for our customers in the insurance industry.
Let’s look at a few ways our team has guided organizations through digital transformations and how these cases can help insurance companies not just stay competitive, but grow.
The Problem: Outdated Data Infrastructure and Many Siloed Sources of Data
We recently assisted a national insurance marketing organization with a digital transformation. Like many major insurance marketing organizations, their company rapidly underwent a series of mergers and acquisitions that left them with a massive network of marketers working out of different offices with few shared protocols. They had an enormous influx of data coming in diverse formats from many different sources, and no way to get a holistic view of their marketing efforts.
Every new merger or acquisition required them to integrate with an entirely new data system and network, and their dedicated technical staff didn’t have the time or resources to address the underlying issues in their data model. The executive team quickly lost visibility into their marketing engine and found themselves without the critical information necessary for making strategic decisions around how to market their growing list of brands and products.
It’s not unusual for insurers to make do with disparate data systems and reports they don’t trust that don’t reconcile – if this sounds familiar, you’re not alone. However, if you want to not only keep with emerging insurtechs but also grow your business, it’s critical that you resolve these issues and set up a system to reduce these inefficiencies that can scale with you.
Insurtechs are already using data to disrupt this industry by leveraging data and new technologies to automate underwriting and deliver cheap products. You must be able to compete on speed, price, and an exceptional customer experience. In short, you need to update your data infrastructure, and fast.
The Solution: Build a Data System that Scales with Your Book
By bringing in experts to assess the state of your operations and identify opportunities for automation, insurance companies can start your digital transformation without losing momentum. To put it another way, by seeking help from outside experts, you can improve the consistency and velocity of your internal processes.
Cleaning up your data models and automating the integration of new data sources will enable your company to grow without accruing additional technical debt around your marketing efforts. At the same time, you can implement robotic process automation (RPA) software to create bots that can help extract carrier data on contracts, certifications, and commission policies.
Why go this route? When it’s time to grow fast, bots can be a tremendous tool for insurance companies because they can reliably move data without introducing new errors, which is especially critical when working with customer, contract, and policy data.
The Results: Meet Your Whole Team’s Reporting Needs
At the outset of every project, we ask about the outcomes our clients need, and the answer is often tied to better visibility into data, into operations, and into the biggest areas for opportunity.
Companies that start their digital transformation with specific needs in mind – including metrics or dashboards their c-suite requires – are better positioned to arrive at the outcomes they want.
By cleaning up customer data systems and building a modern data infrastructure, insurance companies can not only provide better visibility to their leadership team, but also position key stakeholders to unlock the insights they need through self-service reporting tools.
Don’t think of digital transformation as a one-time project, rather, think of it as a journey. The first step of automating the processes that pull in new data streams on an ongoing basis can help change the state of your digital operations and prepare it for future growth. This is critical for scaling and for keeping your sales and marketing engines in sync with your salesforce.
Get More Visibility into the First-Party Data You Already Collect through Digital Transformation
You already collect the first-party data your team needs to increase policy penetration, but unless you clean up your data models, it’s a tall task to turn the data into insights and action.
By undergoing a digital transformation, you won’t just provide your leadership team with up-to-date dashboards that give them the data they need to make informed decisions – you’ll also unlock visibility into your customers. By getting to know them as whole people, your sales team can identify which risks they may not know they need coverage for. With this data in hand, your sales team can deliver a better, more personalized customer experience.
To hear more about how Saggezza can help insurers like you increase visibility into company data, reach out to our experts today.
Meet the Author: Thanneermalai Krishnappan, Technical Manager
Thanneermalai is responsible for our client relationship management, program management, budget and resource planning. He is an experienced solutions architect in the IT and services industry, and currently manages more than 30 consultants.
Prior to joining Saggezza, Thanneermalai worked for a major telecom company in India.
Saggezza is a proven technology and consulting partner that delivers personalized, high-value solutions to accelerate business growth.