Snapshot Insights,
Today’s digital generation expects brands to use consensual data to enhance their experience by offering more personalized services and offerings. The insurance industry is at the cusp of disruption, driven by a combination of nimble start-ups using emerging technologies and new data sources to serve evolving customer preferences. This is pressuring insurers to change how they approach product design, pricing and distribution in ways that leverage all available data.
Yet, most insurers are unprepared to access and use this data to offer personalization, based on individual risk assessments or anonymized profiles, and support customers through their various insurance needs and policy lifecycle. Moreover, insurers are not equipped to receive and analyze incoming data flows from myriad digital platforms. Likewise, device manufacturers are ill-equipped to share user data directly with the myriad of insurers across geographies.
This predicament presents an opportunity for a new player in the insurance ecosystem: the data intermediary. In this white paper, we examine the underlying forces and the need for an investment in creating a common data-warehousing platform ideally positioned between the data receiver, such as a wearables manufacturer, and the insurer.