The insurance industry must not look back
A report by Morgan Stanley and the Boston Consulting Group talks about the lack of efficiency as a major challenge for the insurance industry, noting that “sales processes remain ‘old’, cumbersome and inconsistent with the expectations of rapidly evolving clients compared to those being adopted by digital leaders in other sectors.
The legacy data that insurance companies currently have is going nowhere, but the competitive advantage is slipping away…
For this reason alone, it would be far better for insurers to adopt a data management mentality, looking forward rather than backward. And the best way to do that is also the simplest way: start over.
By starting over with clean data sets and modern technology, insurers will not only get out of the quagmire of old, outdated and unhelpful data, but will also be prepared to take advantage of the most advanced technologies, such as artificial intelligence and machine learning.
In addition, customers in general and consumers in particular are already highly leveraged on the Internet, making it easier for insurers to start over with real, up-to-date and efficient data, forgetting all the “legacy” that weighs so heavily on them as they move forward.
Gathering new data and keeping it updated is now possible with Wenalyze, making the processes more effective and automatic, more profitable and adjusted to the needs of the customers of the insurance products offered to them by the industry.