Insurance in its simplest form is about understanding the probability and cost associated with an uncertain loss event and then charging a premium based on that information. With such a clear dependency on accurate data to write insurance, it seems odd that so many carriers don't infuse that same scrutiny on information into the daily operations of the entire business.
It's essential that organizations base their decisions on facts instead of conjecture. A data-driven culture can lead to better, faster decision making, greater customer insights, fewer mistakes and ultimately a competitive advantage. Taking advantage of the torrent of available data, instilling the right information into everyday processes, and mandating that facts support decisions are pillars of an information advantage. However, overcoming organizational inertia to create a data-driven culture isn’t always easy. Here are eight steps to help you get started:
Register or login for access to this item and much more
All Digital Insurance content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access