The insurance industry is flooded with data and we are now at a point whereby it’s essential for all basic operations. Without data the industry grinds to a halt. That means the supply, availability and exchange of data needs to be a streamlined process.
The reality is, that nowadays, it is essential for any organisation to gather and analyse data. The visibility of this data is key for measuring operational effectiveness in real-time and making decisions based on this. Streamlining processes and optimising workflows are a natural byproduct of data visibility. Providing easy access to data is the key to its visibility. The people at every level of the decision making process needs to have access to the data relevant to them. Within any organisation different levels of the structure require different visibility in line with their job roles, expectations and decision making power. Some data may help individuals directly in their work, and some data may help individuals to push better processes through to their line managers, whilst others at the top of the organisation use the data to make the key decisions in terms of customer experience, business partnerships, and financial implications. Whilst customer experience seem always to sit at the forefront of decision making, the equally crucial back-end processes need to be accounted for.
It has long been established that data visibility is crucial to decision making, but why does the speed of the data transfer play such a huge role in the process? The speed of the data transfer itself holds the key to unlocking the fluidity and accuracy of data visibility and ultimately, to decision making. Rapid data exchange enables seamless communication between an insurer and a delegated authority, solidifying the real-time access to the full life cycle of risk, policy and claim data. Having a single, secure channel for delegated authority data exchange provides a more efficient and cost effective solution to manually manipulating data and reduces the risk of errors or missed information.
There are now many tools on the market to improve data visibility for various business processes. For delegated authority specifically, the market is fairly free and BusinessClouds InsurTech 50, is clear in its ranking for a suitable solution. Insurers now have to move faster than ever to keep up with and exceed their competition. Solving decade old data silos and inhibiting the ability to harness the power of data is just one of the first steps in the data visibility journey. Freeing the insurance market of spreadsheets and compartmentalised data standards and gifting the cure of spreadsheets and a wealth of knowledge and time. With the ability to share common and uncommon data standards with whomever you need and which ever format you need. That is why embracing the technology and ditching the spreadsheets is the best decision.
Take a deeper dive into distriBind’s latest whitepaper ‘Digital Data Exchange’ and let us know what you think in the comments below.