Digital Transformation has become a major agenda item for many Insurance institutions. In a recent blog, I looked at Digital Transformation for Retail Banking (link here). In this blog, I wanted to explore what I see happening in the world of Insurance and the role that data plays in this industry. My view has been... more
A major analyst firm that will go unnamed thinks so. According their research, digital disruption is one of the most important factors impacting the insurance industry today. Making matters worse this firm’s industry assessment shows that only a small fraction of insurance companies are what it classifies as digitally leaders. If there is good news,... more
The Insurance industry is looking at how Enterprise Information Management (EIM) enables it to cope with the challenges ahead. 2016 – the year of EIM 2016 can be seen to be a significant year in which the Insurance industry looks at how to maximise the value of its data assets, with Enterprise Information Management (EIM)... more
With seven million customers, SulAmerica Seguros is the largest independent insurance company in Brazil, offering a suite of financial offerings ranging from health, dental and life insurance to products for retirement and asset management. But as José Guilherme, SulAmerica’s Business Intelligence Manager explained at Informatica World 2016 in San Francisco, without a customer-centric view of... more
Like most industries, the financial services industry is all about those zeros and ones. Every credit card transaction, mobile payment, brokerage order, mortgage approval, and interaction between client and advisor generates a tremendous amount of data. Data that has to be trusted, secure, timely, and share across the enterprise whenever and wherever the business needs it... more
What are Digital Footprints? Digital Footprints are the electronic recording of an event, activity or state that captures the fact that something happened at a specific point in time. Having said that, I’ve always found the best way of understanding what Digital Footprints are, is to use an analogy. Consider you’re wandering along a sandy... more
In this blog we’ll look at the different sources of data available to build a Customer360 solution. The move from being Policy centric to Customer centric is being undertaken by most Insurance companies and often forms part of Omni-Channel, Customer Centricity or Digital Transformation programmes. The goal of constructing and operating a Customer360 isn’t an easy one... more
As somebody who wears a fitness tracker, I’ve long been aware that I’m generating lots of data every day without really doing anything other than undertake my normal routine. All the time I’m wearing my tracker it’s automatically keeping track of what I’m doing and recording this on the device for upload into an online... more
The Washington Post reported this month that government officials arrested 243 medical insurance fraudsters who stole $712 million in false billings to Medicare in the largest crackdown on healthcare fraud ever. Insurance claims fraud continues to burden the pocketbooks of the average consumer in today’s healthcare industry. According to a study by CIC insurance on... more
Make it about me I know I’m not alone in feeling unimportant when I contact large organisations and find they lack the customer view we’re all being told we can expect in a digital, multichannel age. I have to pro-act to get things done. I have to ask my insurance provider, for example, if my... more