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Data key to future of insurance business

Data key to future of insurance business

More than 70pc of insurance CEOs globally see technology, specifically data and analytics, as key to the future of their industry and helping them stave off more nimble and aggressive fintech rivals.

PwC’s 19th Annual Global Survey of 1,400 CEOs has found that a new generation of analytics is enabling insurers to anticipate what will happen, including shaping outcomes such as reduced accident rates.

Worrying to the CEOs is the reality that technology is also enabling customers to benchmark insurers against their competitors and many of the new competitive benchmarks are being set by fintech entrants who are applying digital insights to understand consumers better.

From a CIO perspective, 70pc of global insurers are still planning cost-cutting initiatives in the year ahead.

An overwhelming majority (79pc) cite data and analytics and 76pc cite relationship management systems as providing the greatest potential contribution to improving engagement with customers.

According to PwC, a new generation of analytics is enabling insurers to anticipate what will happen (predictive analytics) and also to shape outcomes such as reduced accident rates or improved health and well-being (prescriptive analytics).;

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