The insurance industry should fundamentally be a customer-centric, data-savvy industry, said co-founder and CEO of Asia's largest doctor discovery company, DocDoc, Cole Sirucek. "A great consumer experience requires a customer-centric operating culture. Business process optimisation for customer service metrics is necessary," he said.
“Insurance companies need to capture, organise and store data in ways that allow them to understand their customers better so that they can fulfil the consumer’s expectations. Moreover, as the insurers become more data-savvy they should be able to predict their consumers’ needs before the consumers realise they have those needs.”
However, the industry is lacking in its approach to data. “The insurance industry first needs to capture the data that it has access to in a machine-readable structured format. This will require solving the massive data debt problem that often results from their interactions with third-party administrators, business claims processing and third-party agent policy distribution,”
Further, the industry often fails to identify new data sources or to capitalise on the ones it currently has. A failure to move from business intelligence to real-time data analytics has also prevented insurers from leveraging data across their entire value chain.
Structured data is far more valuable and important than big data, he said. The greatest asset for the insurance industry is the large volumes of data they have already collated, but that asset only has value if its structured in such a way that meaningful insights can be gleaned from it, and if it can readily be used in conjunction with other large data assets in the market.
Mr Sirucek will be speaking at Asia Insurance Review’s 4th Asia Conference on Big Data and Analytics for Insurance, to be held on the 18-19 of February. Find out more about the conference here.