With digitalisation high on every insurer’s agenda, data science has become fundamental in implementing a successful digital strategy. While the industry is rich with historical transactional data, the inclusion of IoT and wearable devices in the mix, coupled with social media data, have opened up a whole new world of opportunities. The massive amounts of structured & unstructured data leave insurers with much to chew on when it comes to their data strategy in this digital era.
On the other hand, some have taken data science further, harnessing the power of Artificial Intelligence and Cognitive Computing by integrating them into their businesses. What does this mean for the industry and how will it play out in the near future? Will we see a lesser reliance on people across all functions of the business, including key distribution channels?
With the rise of InsurTech, it is an exciting time for Insurers as they embark on an unprecedented journey. This event will also serve as a perfect opportunity for industry players to leverage new solutions to bridge the customer engagement gap.