How to make your insurance data work for you - today.
Data is our core business. We understand the importance of knowing what data is available and relevant without compromising on quality. The insurance industry of the future will be dominated by data - for insurance companies and consumers alike. Knowing how to take advantage of this will be critical for all parties involved.
The insurance industry can be difficult to understand because of long agreements and unclear terms and conditions. But it doesn’t need to be. With data management at its core, open insurance offers many advantages for insurance companies as well as their customers.
In the future, insurance companies will effectively work with APIs to share customer data, and consumers can take on a more prominent role when choosing, using, and paying for the insurance - thanks to data. But what is the best way to get this done? We’ve compiled three factors for you to think about when making sure that your insurance data works for you - today:
→ Identify the gap
The more data you have, the easier it is to see what’s missing. Today, traditional companies know how to handle certain kinds of data but not how to be creative with it and use it to their advantage - so when they want to know something about their customers, they need to call them and ask. But with open insurance, companies can simply analyze the data instead. With this method, insurance companies can detect areas where the customer is not yet covered and suggest insurances based on what the customer is buying. Using the right data affects the level of service each customer gets, influencing their experiences and impressions. It contributes to a holistic perspective and actively helps the customer be correctly insured.
→ Automated processes
The less information a customer needs to input when comparing or applying for insurances, the better. And without manual input of data, the risk of human error is minimized. It also contributes to more competitive prices for customers and frees up time to focus on other things. With insurance data and automated processes, the outcome becomes more valuable and adds many parameters that personal contact often fails to acknowledge. We don’t want the customers to be more insured - just better insured.
→ Be in control
Data enables a lot of smart decisions for both insurers and customers. Today, it’s common to get a discount for the first year when applying for insurance, but few customers know what the price will be after that. Perhaps you have the bill on standing order and pay what you need to pay when you need to pay it. It doesn’t need to be like that. Open insurance makes it possible for customers to be in control. It allows them to compare insurers and get the right price and terms. For insurance companies, this means benchmarking your costs and comparing them to your competitors.