How Insurers Can Tame Data to Drive Innovation

Moving to more responsive, AI enabled architectures that accelerate data management and deliver insights, will help insurers drive business performance.

Debabrata Chatterjee
Debabrata Chatterjee,

Most mainstream insurers struggle to use data effectively. Our recent research found that about three-quarters of insurers have low levels of digital maturity, and are pursuing only limited digital initiatives or taking a wait-and-see approach to the digital technologies needed to leverage data. Legacy systems, siloed data, and growing volumes and varieties of data make it difficult to manage data effectively and use it to generate improved business results.

Insurers: How to Bring Focus to Digital Initiatives

To address the problem, insurers need to fundamentally rethink the technology foundations that underpin their data-management efforts. While the appropriate mix of
processes and technologies will vary from insurer to insurer, three core concepts can guide this transformation:

  • Design a responsive data architecture. Simplify, augment and transform the data landscape to leverage different types of data and quickly deliver it to AI, analytics and business processes.
  • Leverage intelligent data management. Streamline and automate data management processes to enable the organization to rapidly create and deliver actionable information and insights to provide better customer experiences, raise renewal rates and enable crossselling of insurance products.
  • Enable delivery at scale. Take advantage of advanced delivery methods, such as Agile, DevOps, DataOps and asset-based development models, to optimize and simplify data management processes and dramatically shorten time-to-market for new capabilities.

Download the paper below to learn more about the needed new approach to data and to follow our seven data-architecture design principles. You can also learn more about Cognizant's insurance practice and the technology trends in insurance.

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