The insurance industry, like many others, has experienced considerable disruption due to COVID-19.
Insurers and those involved in financial services have had to react swiftly to maintain momentum - both internally through operations and externally through customer-facing activities.
Digital transformation programmes and effective data use are vital for insurers to continually improve every aspect of their business, such as internal operations i.e. meetings and departmental management, through to automation and AI-based customer-facing initiatives.
The simple fact is that the future success enjoyed by insurers is entirely dependent on effective digital transformation, underpinned by robust, timely and trustworthy data.
Vaibhav Kumar, financial services specialist and principal consultant at VIQTOR DAVIS, discusses the challenges and trends faced by insurers, including:
- Commoditisation versus personalisation
- Breaking down data siloes
- Digitisation/self-service for small commercial
- Automation and AI relies on good quality data
- Legacy maintenance versus re-platforming
For more information around how insurers and financial services organisations can use data to positively impact every area of the business, get in touch.