Capgemini Study: The Data-Powered Insurer
Data is a powerful driver of success for insurers, but applying a data-driven method is easier said than done, and the competition from InsurTechs, BigTechs and manufacturers is increasing. So how can insurers turn into data-driven companies? Keylane and Capgemini conducted a study to find out:
Data is a powerful driver of success for insurers, but becoming data-driven to achieve your goals is easier said than done – and competition from InsurTechs, BigTechs and manufacturers is coming fast. So how can insurance companies transform themselves into data-driven businesses? That’s what we wanted to find out.
For our study The Data-Powered Insurer: Unlocking the data premium at speed and scale, the Capgemini Research Institute therefore surveyed more than 510 executives from 204 insurance companies with annual revenues of more than 1 billion US dollars. It found that data masters – those insurers that use data most effectively – are already gaining market share, improving key metrics and producing accurate risk analysis.
To achieve this level of data literacy, insurance companies should:
- Build an infrastructure that allows them to quickly apply insights derived from data.
- Implement an appropriate operating model to scale data-driven use cases
- Establish a data-driven culture throughout the organisation
- and orchestrate an open data ecosystem.
Insurers that succeed in being data-driven enjoy major competitive advantages. Download the study here to learn more about it and the next steps for your company.