AS THE GOING GETS TOUGH, GOOD DATA BECOMES CRITICAL

Data is to insurers what yarn is to knitters: the very fabric of everything we do. We can’t imagine an insurer being successful without making adequate use of data.

Data helps insurers to understand who their customer is when they first take out a policy. They continuously use it to help them predict and model their exposure to risk. And, as digital consumers demand better experiences online, data is increasingly being used to personalise insurance offerings and tailor the level of service we provide.

We have a cram-packed issue of InsurTech Magazine for you this month, including a feature on improving the use of data within the insurance industry. We’ve spoken to some prominent experts from well-regarded companies like Cloudera and Cognizant about existing data-use practices, holes in insurers’ data strategies and what more can be done to make the most of the vast swathes of data they hold.

There’s an inseparable relationship between risk and price. If one increases, it’s likely that the other will follow. Clearly, with many consumers experiencing pressure on their household budgets, effective use of data will allow insurers to mitigate exposure and keep premiums low for the buying public. With this in mind, we also explore the recent rise in insurance fraud and ask what insurers can do to protect their businesses.

We hope you enjoy reading! ALEX