Coeo, a data technology company focused on the insurance sector, has launched a new report outlining the reasons why data is the insurer’s most valuable asset and the seven steps businesses can take to keep up in a digital world.
The company has used a combination of expert opinion, real-world experience and industry data to put together the recommendations.
“With over 74% of insurers feeling the industry failed to show leadership in digital innovation, we felt it was important to showcase the different areas an insurer can improve in, and the value realised by those that do,” said James Boother, director of Sales and Marketing at Coeo. “We commissioned this research to get a clear view on the trends affecting UK insurers today and the ways technology comes into play in this fast-moving sector.”
"While the insurance sector has not adopted cloud and digitisation technologies as rapidly as other industries, those interviewed predicted the gap will rapidly close as competition increases, technologies like machine learning and blockchain become more accessible and online-only firms proliferate. According to Coeo, companies “that aren’t willing to change could be consigning themselves to insurance history”.
The report identifies seven steps insurers can take right now to make sure they are on the right side of the digital transformation wave:
Step 1: Offer value-based services
Step 2: Maximise data assets
Step 3: Measure the right things
Step 4: Evolve the business model
Step 5: Cross-sell and up-sell
Step 6: Get visual
Step 7: Model your future
Read the report in full here.
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