‘Holistic’ data gathering a boon for insurers

In its World Insurance Report 2018, Capgemini said the use of “synergistic insurtech capabilities” will enable insurers to service their clients more effectively.

“To get the most from modernization, insurers must think about the interconnected big picture and develop a holistic approach,” the report said.

“A holistic approach cooperatively captures real-time data and generates actionable insights that can be executed digitally for prime efficiency. Conversely, a narrow siloed approach to data analytics achieves only short-term gains rather than strategic transformation.”

Capgemini pointed to real-time data gathering tools such as fitness wearables or social media analysis as ways insurers can expand their data analytics, noting that many insurers are already exploring this area.

“When it comes to smartwatches and wearables more than 65 per cent of World Insurance Report 2018 respondents said they are in ideation or use-case testing stages,” the report said.

The report said insurers must develop these ‘insurtech’ capabilities “at all operational levels’ to enable real-time insights and streamline operations.

“By automating and integrating the processes with digital automation and transformation, insurers will become more highly responsive and prepared to execute immediately.”