THE IMPACT OF DATA ON THE INSURANCE INDUSTRY

To wrap up the 2019 Female Founders in InsurTech Innovation competition, Quesnay is releasing a three-part blog series on Data and the Insurance Industry.

This report was made possible thanks to insights and expertise gathered from our Female Founders in Tech community. Our blog series kicks-off with this brief video with highlights from the competition:

 
 

Continue below for insights on how data is impacting the insurance industry…

 

Data has gone hand in hand with insurance since its foundation. It will allow insurance carriers to improve customer insights, build innovative business models, and better manage risk. Some of these advances will be made possible thanks to new data sources such as telematics. But carriers need to overcome different challenges, such as regulatory and compliance and data privacy, before implementing them. Quesnay has found the above and more to be true in this year’s report.


4 KEY TAKEAWAYS

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1.

Insurance carriers need to overcome data silos, cybersecurity risks, and a difficult regulatory environment when looking to leverage data to better meet customer needs

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2.

Insurance carriers will need to use existing data they haven’t traditionally leveraged along with new data sets (IoT data, imagery data, call transcript data, etc) to impact the insurance life cycle

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3.

Data enables on-demand insurance products but different customer segments will also look for traditional products so carriers will need to focus on both

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4.

Looking ahead, the intersection of big data, AI, and distributed ledger is the new holy grail for the insurance industry



We are excited to release this blog series and would love to hear from you in the comments section or on LinkedIn & Twitter! Click any of the links below to start reading:

  1. Insurance Industry Data Pain Points
  2. New Data, New Use Cases
  3. The Next Big Opportunities in Insurance Data


To write this series, we collected survey information from competition applicants and industry experts who participated as judges and mentors in the competition. In addition to collecting survey data, Quesnay interviewed 5 Insurance experts to hear their points of view on how data will impact the industry. Quesnay would like to take this opportunity to thank all of the people who helped create this year’s report.



- BETH MAERZ, SVP, CUSTOMER, STRATEGY AND INNOVATION, TRAVELERS

- BETI CUNG, HEAD OF INNOVATION LABS, CSAA INSURANCE GROUP

- JERRY GUPTA, SVP DIGITAL CATALYST, SWISS RE

- MITCH OCAMPO, CHAIR OF RGAX DISTRIBUTED LEDGER TEAM, RGAX

- STEPHEN GOLDSTEIN, VP CLIENT EXPERIENCE LEAD, RGAX