The inaugural Insurance Industry Summit will kick off in Johannesburg in just over a month.

With streams covering Distribution, Risk and Digital Mobility data is one of the key themes.

In South Africa, our insurance industry clients are struggling with architecture renewal programs.

The shift from product to customer-centric data architectures is necessary not just for compliance, but in order to remain competitive. Concepts such as data governance and master data management are suddenly very topical.

Internationally, data is also a key insurance theme.

US research, done ahead of the US Insurance Summit in Chicago shows that enhanced data analytics has a positive impact on almost every insurance function – from sales and marketing to pricing, service and fraud management.

75% of respondents named analytics as a key focus for 2016 and 50% believe that it will substantially change how the industry operates

However, the US research shows that their industry is experiencing similar challenges to those being experienced here:

Internal data quality issues affect 42% of respondents while ageing infrastructure. organisational silos and lack of integration and data ownership and governance are all significant obstacles to taking real advantage of analytics.

5 Use Cases for Enriched Data in the Insurance Industry

In a 2022 blog post, data integrity leaders, Precisely, explore 5 opportunities to improve insurance through the use of enriched insurance datasets.

These include:

1. Improving the accuracy of underwriting and pricing decisions through granular location intelligence
2. The opportunities to leverage telematics and IoT
3. Mitigation of risk
4. Fraud detection
5. Improving marketing spend

These use cases can be explored at the Precisely blog