Recent trends in customer behaviour and expectations are leaning towards hyperpersonalised services using data. The insurance industry is learning this ‘thick and fast’ from its parallel cousin in payments and banking. A large portion of insurance data still largely resides in documents, forms, transcripts and in other forms of unstructured data .
The pursuit of data has been an eternal quest for centuries and, in the recent decade, technology has fuelled the democratization of data management at a scale that has never been seen before. The quantity and velocity of data and information that flows through our digitally enabled systems today are staggering. In the insurance continuum every touchpoint an individual has with a device generates a whole set of data.
Initially, there was a lot of focus on capturing and storing all data for the future. This is still true, but, in the evolving world, it is the intelligence derived out of that data, that is key. Data privacy laws will make it difficult over time to store personal information without informed consent, but there is along way for that to happen. Meanwhile, with velocity, comes expectation. Decisions need to be made with data available in the present, and not from detailed analysis of data from the past. In this context, there is a need for a framework that encompasses data in flow and data at rest.
Insurance acquisition is the proof of the pudding for insurers when it comes to utilizing existing data as well as generating data for posterity. As an example : Insurers in India have started using past policy documents of an incumbent customer to ensure personalised and accurate quoting, onboarding and fulfillment of application and policy processing. Read about Attributum’s PIVOT Portability https://attributum.com/our-products
Availability of external data sources has also given a leg-up to hyper personlized acquisition process. In addition to demographics data , risk parameters and customer credentials, gleaming Hyper personalised data sets could throw light on customer purchase behaviour, risk appetite and family profile which are valuable from an insurance customer acquisition perspective.
By
LtCdr Vijaykumar KP
CEO