Jamie Gordon attended Digital DNA’s Future of InsurTech event on 28^th April. Here, he reflects on the biggest developments InsurTech is making to the Insurance industry, as well as some age-old challenges still to be faced. 

Recent advancements across technology have vastly transformed many traditional industries. Much like banking and financial services, the insurance industry is being disrupted by traditional companies and start-ups alike. With large investments into the sector, consumers are now able to access new and more efficient products, in many cases offering better choice, speed and value for money. 

The Digital DNA event ‘The Future of InsurTech’ featured technology leaders and companies from across the world, discussing the impact of the InsurTech industry and how it is continually evolving and innovating to adapt to the changing world around us.  

I have to say, I thought the event was brilliant. The speakers unpacked which innovations are the most exciting within InsurTech including:  

• Predictive analytics,  
• Correct policy,  
• Smart use of data,  
• The need to improve the purchase process,  
• Why it’s no longer a case of one size fitting all and  
• How AI can’t replace humans within Insurance. 

A standout presentation for me was centred around what the future for InsurTech looks like, exploring which regulations need to change and most importantly how customers will benefit from the disruption offered by InsurTechs.  

The panel on this discussion stated that three key benefits that InsurTech brings are an increase in personalisation and accessibility, the removal of complication due to technology and the ability to target more people than ever before. This showed me that this is an industry in a huge growth period right now. 

For personalisation within InsurTech, they spoke about the need to blend human and tech around customer needs. For example, human touchpoints required for health insurance, but simply changing details such as an address doesn’t or shouldn’t require a human as AI can clearly work at this touchpoint. 

The overall key takeaways were that the future of InsurTech will bring accessibility, customisation, facilitation and personalisation. 

Onto our sweet spot – data quality. Traditionally, insurers have encountered poor data quality, primarily related to having vast amounts of unstructured data stored in a range of systems.  A large insurer may have hundreds of source systems that are organised in thousands of spreadsheets from which data is required. Data is then often duplicated in different systems but stored in alternative formats. Therefore, a huge problem is standardising the data from external sources such as asset managers and reinsurers. 

Firms seeking to avoid being disintermediated by InsurTechs will need faster access to better data; equally, insurers hoping to reap the benefits of InsurTech development will need to have better data to make their decisions and development on. It all fits neatly with what we’ve been hearing about the insurance industry, especially in our sessions with the Camelot network. 

It’s demonstrated for me all the more that Datactics can help insurers unlock the potential of insurance data assets. Our platform helps you to measure, match and enrich data for in-depth business intelligence and downstream processes; for Single Customer View delivering faster and smoother underwriting process; and to deliver customer experience benefits such as improved claims management timeframes. 

I really appreciated the time and effort the Digital DNA team had taken to put the event together. If you’d like to continue this conversation, feel free to reach out to me with your thoughts on the direction InsurTech will take the industry. 

You can also contact Kieran Buchanan for a one-to-one consultation on where we might help you with your data management challenges, or reach out to Matt Flenley for more conversations around the world of Insurance and the future of InsurTech. 

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It’s Friday…this week was a phenomenally busy one! 

We attended the Global InsurTech Summit 2021, which took place this week from Tuesday to Thursday.

Throughout the 3-day summit, we got to engage with many keynotes, talks and presentations delivered and hosted by experts within the InsurTech industry. It was interesting to unpack what the pain points are within the industry and how processes are changing. 

The virtual summit began with an outlook for insurance technology, followed by presentations on top technologies disrupting the insurance industry, innovations in insurance, and then an exploration into customer expectations. 

On that point, anyone wanting to learn about Datactics’ capabilities within the insurance market feel free to get in touch with Kieran Buchanan.

He will be more than happy to explore how we can be of assistance with our award-winning technology especially in the areas of Data Quality and Matching. One key takeaway of the summit was that “Data quality is imperative within the insurance world, with an increase in fraud across the industry, a shift towards prioritising the end customers’ needs and carriers being forced to reimagine business processes.” We at Datactics provide the technology and the know-how to help bring full confidence to your data quality. Datactics won the Data Quality Analysis Tool award from A-Team Group for the second year running in 2020, adding three major Tier 1 financial clients in New York, Amsterdam and London last year. 

3 ideas to get your people excited about your data! 

This week we also have released a new blog post entitled ‘3 ideas to get your people excited about your data’. We found a great stat that 59 zetabytes of data has been captured, created, copied and consumed worldwide since 2010 (according to Statista) and as result it’s easy to see the problems that arise when even a fraction of that data is incorrect. We curated a blog post designed to help energise, excite and encourage your data people in not one, not two but three ways that are highly easy-to-implement and are guaranteed to help deliver your next data management programme (and truly change your data culture). The tips we established are: 

1. You don’t need to rip and replace your expensive data stack 
2. Boil a kettle, not an ocean 
3. Unleash the power of a fully self-service system 

Do you want to read more and find out exactly what we mean? Read our full blog post here. 

If you would like to continue on the thought thread of rethinking your data quality and make a huge difference to your organisation, you can reach out to the author of this blog post, Matt Flenley on LinkedIn. He would be delighted to continue this conversation. 

To learn more about how how Self-Service Data Quality is the best approach to developing a next-gen data management strategy, check out our webinar from 2020 with key input from CTO, Alex Brown (or read a blog post version here). 

A Trip down memory lane: Video Game Edition 

We thought we would wrap up this blog post with a bit of nostalgia. We recently asked our entire team to name a video game that reminded them of their youth! We received a plethora of responses… with some solid favourites. We would love to get your involved in our DatacticsChat, tell us, what was your favourite video game when you were younger? Will you admit to playing it, or can you even remember it?! 

For more on The Global InsurTech Summit, Data Quality or just a trip down memory lane, find us on Linkedin, Twitter or Facebook for the latest news. 

The post Weekly round-up: from Global InsurTech Summit to getting your people excited about data! appeared first on Datactics.

The Future of InsurTech will feature leaders and companies from the world of technology, Fintech and insurance on how the InsurTech industry is evolving and innovating to adapt to the changing world around us, including the impact of driverless cars and more connected devices will have on our lives. 

Advancements in technology and computing power have transformed many traditional industries. Like banking and financial services, the insurance industry is being disrupted by traditional companies and startups alike. Billions of investment dollars are now flowing into the sector and consumers are now able to access new and more efficient products.

Registration and agenda are available here

Click here for more by Datactics, or find us on Linkedin, Twitter or Facebook for the latest news. 

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