Modernizing data platforms - are insurers ready?

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Insurance companies hold large volumes of customer data across the value chain, however the systems that contain it are usually slow and outdated. Which can be a major drawback as time when insurers need to expand their offerings with agile data platforms that can help drive better business insights in a timely and cost effective manner. 

There are also challenges around new and evolving requirements for organisations around data privacy/ protection of personally identifiable information that drives the need for robust processes to handle data and ensure that appropriate measures are applied consistently, especially when additional sources are added.

However, taking a brute force approach to bringing data into an asset may lead to ballooning costs and could result in ongoing development issues that will be difficult to rectify.

In this recent live webinar Insurance Post in association with EXL explored industry perspectives on how insurers can modernise their data platforms to address their ever expanding structured data requirements.

 

Among the questions the panel addressed are: 

  • Why is data important in the insurance decision making process – pricing, underwriting, cross selling, customer behaviour and adoption of digital capabilities?
  • What are some of the typical challenges encountered by insurers when thinking about such initiatives, starting from business case development to delivery?
  • What are some of market leading technologies/platforms that are helping in reimagining the delivery of these programmes?
  • What are some of the industry leading practices/pitfalls that insurers should be aware of?
  • What data challenges may insurers face in a post-Covid world?
  • What data governance practices should insurers adopt?

 

Joining us for the discussion are:

Mark Collins, CIO, Ageas

Mark Moerdyk, CTO, Beazley

Sanjay Nayyar, VP, enterprise data management EMEA, EXL

Chris Wyard, chief data officer, Allianz Insurance

 

To watch the video click here

 

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