SURVIVING A TSUNAMI – Why data matters in Insurance
I recently sat down with David Simon, the Founder of Inonde, to talk about the company and his views on the impacts of unstructured data, big data, and analytics in insurance.
So far as 10 years ago, almost 40% of insurers already recognized the real-world applications of projects like ‘big data.’ That number jumped to 74% in 2012 and has continued to skyrocket. Insurance companies have actually been outpacing their cross-industry peers in their ability to use analytics to a competitive advantage. They invested $2.4 billion in big data in 2018, and that number is expected to increase to $3.6 billion by next year.
However, big data is not as simple as it seems. Simon was actually leading a team at a Fortune 500 company when the ‘Big Data Boom’ hit the industry, and he let me in on a little secret behind all those great solutions: they didn’t get it all right. Everyone wants to ride the wave of technological innovation, but sometimes that data lake turns out to be a tsunami. He saw the opportunity to do better, and that’s why he launched Inonde!
Inonde is over ‘big data.’
Allow me to explain. Accenture recently surveyed 561 Chief Strategy Officers and found that 93% believe big data and other emerging technologies will impact their business over the next five years. However, these emerging technologies are only a good thing if companies know how to use them. Most do not. For the majority, the big data “solution” brought with it a lot of new problems.
People are drowning in data and that’s what Inonde is here to fix. “Inonde” is the French word for flooded and the healthcare industry is definitely starting to look like a dangerously waterlogged coastal city.
This is where Inonde can help…
Actuarial / Underwriting
These are the top two areas for improved analytics and innovative applications. Actuaries use multi-variate analysis and predictive modeling to achieve better and more consistent results faster. This is supposed to result in happier regulators and consumers, but does it?
Unfortunately, no.
Things are definitely getting better, but companies still have mounds of unstructured data. The cost of cleaning the data is a major spend and insurers lack the IT resources or money to tackle it. That is where Inonde comes into the picture. We offer an easy-to-use, intuitive, no coding or scripting approach to bringing all that data in and improving analytics.
Claims
Claims is another massive spend for insurers, with 80% of premiums going toward pay-out and other expenses. Inonde lets firms use both structured and unstructured historical data. This dramatically reduces decision-making time, eliminates costly errors, and increases customer satisfaction. This, of course, leads to a better company “persona.”
Customer Acquisition & Retention
BCG recently found that big data has helped firms improve customer relationships and two-thirds of insurers were using or planned on using big data to extend trust-based services.
As claims data and other sources are quickly integrated, Inonde brings them together. This creates a ripe dataset for analytics that leads to new customer acquisitions and applications of AI and Machine Learning. Companies can extend new services to their customers, deepening customer relationships.
Whether you need to:
Meet changing consumer expectations
Lower costs, or
Differentiate in the insurance market
Inonde can help.
We are at the cutting edge of technology and innovative solutions. Our team has worked internationally, applying our own technology and helping our customers grow and achieve better outcomes. Inonde will support you in achieving your next level of tech success.
