Our Customer Engagement Manager, Martin Piggot, talks big data and its impact on commercial insurance.
“Big data is the collection of structured and unstructured data that you can use to analyse statistics and derive facts. These facts help make better decisions. Data, presented in the right way, will help you move away from siloed information and gain a bigger picture view across teams, organisations and areas.”
“Data helps shape the experience and products of customers who take experiences from their personal lives and expect businesses to join the dots for them, much like Netflix does in the ‘recommended for you’ algorithms.”
“The different types of data out there are vast. From risk data, renewals and cancellations, to emerging niches and customer loyalty. These are all small pieces of a bigger picture which, on their own, may not mean much, but embraced correctly, becomes full market trends.”
“One version of the truth derived from fact can help make better decisions. New products can be developed with confidence and reflect changing demands. With everyone singing from the same hymn sheet, time and effort can be massively reduced.
“The flow of information makes the flow of business easier. Insurers can start to analyse and get real-time data on how, and why, business is being placed. Data can start to build a picture of what policies are effective in the market and what needs changes to meet customer demand.”
“It’s not the amount of data you have, it’s what you do with it that is transformational!”