Mimicking the success of personal lines carriers such as Progressive, companies within the commercial and life insurance sectors are getting ahead of competitors by creating an information advantage. This approach is helping organizations react to immediate or imminent market conditions faster and better, which are keys to corporate growth.
Micro-segmentation, or combining internal customer information with new and non-traditional external data sources to provide more granular information of the perceptions and behavior of target audiences, is one of the most efficient ways to achieve an information advantage. However, many insurers in the property/casualty sector are not taking advantage of data that already exists within corporate environments to truly understand their very own customers. Instead, their business units function in silos and fail to meet their full potential. Therefore, insurers are not connecting the value of information to the powerful competitive advantage that it can deliver.
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