Data changing the way insurance does business?

hurdlesThe 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 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 every 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 they industry operates

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

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

Access the US findings in this infographic and think about joining us at the Insurance Summit in March to gain some insights into best practises for overcoming some of these challenges