Analytics tools are giving insurers a competitive edge

The adoption of new analytics technologies is giving insurance firms a competitive edge when responding to changes in consumer behaviour, according to the managing director of Global Insurance Industry for Accenture.

John Del Santo claims that faced with rapidly evolving customer preferences few insurers have the luxury to sit back and think about the longer-term trends in technology and their implications for the industry.

He adds that market pressures are forcing every insurer to become a digital insurer and analytics tools should be embraced in order to enhance the customer experience.

He said: “The first step, if you haven’t already taken it, is to collect all relevant data from all parts of the enterprise, as well as external sources. Then you need to implement sophisticated analytical tools to interpret and act on the data, which may entail new strategic approaches and changes in how your organisation operates.”

He adds: “Once you have the data and the people who can make sense of it, the next step is to overhaul the customer experience. While it is easy to be overwhelmed by big data, maintaining a focus on the end goal, by providing an exceptional, personalised customer experience, will enable you to generate practical insights and put them into action.”