Commissioned by Equisoft as part of a new global survey, this North American survey shows how carriers can unleash the strategic value of their data and create new opportunities for growth, process optimization, and improved customer experience. Helps you plan, prioritize, and make investment decisions.
Philadelphia, September 15, 2021 / PRNewswire / -In a new report commissioned by Equisoft, global research firm Celent is improving how North American insurers are actually creating value from their data and their ability to publish and use it. Shows the results of an executive survey aimed at understanding what is happening. Data beyond management objectives while overcoming the major risks of realizing its value.
The investigation revealed the following:
- While delivering more of what your customers want, knowing how to price it will optimize your business as things grow.
- 91% of the carriers surveyed prioritize the use of data and analytics technology to inform pricing decisions.
- Building an actuarial pricing model is where you realize that data is creating the greatest value for your organization.
The survey was conducted on CIOs and other executives of medium and medium-sized insurance companies in North America that offer personal life insurance, annuities, group insurance and voluntary insurance products.
“The amount of data that insurance companies collect is increasing every second, and deriving value from that data has become a hot topic and many carriers are working on it,” he said. Mark Philips, Senior Vice President, USA With Equisoft. “The goal of this study is to provide insurers with actionable insights into what their colleagues are doing with today’s data and to find out how to actually get value from the data right now. “
As Celent reported, rising customer expectations for the modern digital experience have fragmented the market between knowledgeable and lagging companies, making insurers more data-driven, digital and connected. Gender, analysis, and automation.
“Companies of all sizes put data management, business intelligence, and analytics / AI first,” he said. Marty Ellingsworth, Senior Analyst, Data and Advanced Analysis, Celent Americas. “They have more data than ever before due to extensive digital transformation and integration with a variety of data sources, and turning this data into a more valuable asset is price, business ease. Now, I understand that peace of mind is the key to important sustainable competitiveness. “
“No one is in charge of data quality. There’s a great pocket surrounded by swamp moats. Put it in the cloud and do everything,” an insurance company executive said in a report. I’m organizing. “
click here Access the full report.
In addition to the North American life insurance and annuity markets, the study will also be conducted in Latin America and APAC, and Celent will publish a global report comparing cross-regional results in early 2022.
Founded in 1994, Equisoft is a global provider of advanced insurance and investment digital solutions. Recognized as a valuable partner by more than 250 of the world’s leading financial institutions in 16 countries, Equisoft offers innovative front-end applications, extensive back office services, and unique data migration expertise. .. The company’s flagship products include SaaS policy management solutions, CRM, financial needs analysis, financial planning, asset allocation, fund and portfolio analysis, quotes and illustrations, electronic applications, agency management systems, customers, agents and broker portals. included. Equisoft is also Oracle’s largest and most experienced partner of the OIPA platform.Business-driven approach, deep industry knowledge, innovative technology, and Canada, USA, UK, Chile, Colombia, South Africa, India And Australia’s Equisoft is helping clients tackle every challenge in this era of digital destruction. For more information about our products and services, please visit: www.equisoft.com..
According to Celent & Equisoft’s exclusive insurance survey, 91% of carriers prioritize the use of data and analytics technology to provide pricing information.state
Source link According to Celent & Equisoft’s exclusive insurance survey, 91% of carriers prioritize the use of data and analytics technology to provide pricing information.state