Innovation labs have been sprouting across the region led by digital, innovation and technology in the forefront. Behind these initiatives, the two key underlying forces shaping them are Big Data and Analytics. The massive increase in touch points for insurers have created a huge pool of data that presents boundless opportunities. What kind of data strategy is required to handle all of this massive information?
Data applications range from creating new customer insights to supporting strategic management decisions to more dynamic underwriting. Each application presents both an opportunity and obstacle. One key obstacle includes getting the stakeholders’ buy-in, which proves to be one of the toughest as they resist adopting new and innovative ways to operate, preferring to rely on gut feel and past experiences. What does it take to convince that a data-driven strategy is the ONLY way to go?
Every insurer has Big Data, but the test is: Are you using the data intelligently? Is your data intelligent? And don’t fear that you have too much data and that it is too late to start given the legacy issues. That’s what this conference is for: to also give you practical tips on how to start using Big Data and become a data-driven insurer across all touchpoints.
With the emergence of InsurTech, let’s explore how Big Data & Analytics play a critical role in shaping the insurance of tomorrow, and more importantly how you can use Big Data and Analytics not only to survive, but to be a winner.