When we talk about innovators and early adopters we may think of developers using their binary wrist-watch or young people paying for everything with their latest iPhone model. But being an innovator is more than that, is about being open to change.
Surprising or not, according to the Diffusion of innovations Theory by Everett Rogers, only 2.5% of the population are real innovators, and 13.5% are early adopters. And, what about insurance companies? The fact is there are some early adopters who have already glimpsed the future of open data.
We all know that companies who listen to their customers and adapt their products to their needs will have a more profitable future. In this sense, as reported by Innopay, insurance companies are following innovators and joining the open data approach to improve their processes and customize their services for their clients.
Why your insurance company should be data-driven?
Today, we share with you 5 reasons to be a data-driven early-adopter. Check them now:
- Anticipate your competitors
One of the main reasons to be an early adopter of technology is to anticipate your competitors to lead the market share. When you are an early adopter, often, you have more possibilities of participating in the development process. This means your feedback will be welcome, and your suggestions will be applied earlier.
Moreover, using new technology as Open Data analytics in your company can become a competitive advantage in the future: when your competitors join the technology, your company will have gotten used to it already and you won’t need time to do it.
Being an early adopter today means you will be an expert earlier. Among other benefits of the implementation of Insurtech, one is the possibility of offering customized insurance to your clients. Being one of the first insurers who offer new solutions will attract attention and put you in the spotlight. That means free promotion of your brand through articles and case studies.
Another benefit of being an early adopter of Data Driven Technology is the possibility of building a network that shares concerns and advice about new technology, implementation processes, and use cases. You will be in contact with other professionals and companies who also value technology and who can become a client, an investor, or a partner.
By having the right data, you will be able to make better decisions. Open Data is updated constantly, this means you will be able to detect new risks or possible frauds earlier. Moreover, you will be able to anticipate to your clients needs and customize your services.
It can’t be argued that technology allows to save time and speed up processes. Regarding Insurance companies, underwriting is one of the processes that take more time to them. Thanks to Open Data, we can reduce underwriting times from 20 minutes to only 2 seconds. Learn more about how tech is improving underwritting.
To sum up, Open Data can elevate your insurance company by optimizing your underwriting processes and allowing you to make better business decisions. Take the lead and become a reference among insurers!
These are 5 reasons why insurance companies should be data-driven but, if you want to discover how Open Data can boost your insurance company, do not hesitate to contact us to have a demo.