DIGITAL TRANSFORMATION
Thanks to the rise of smartphones , sensors , and connected vehicles and appliances , a data explosion has taken place in recent years . Increasingly vital , businesses that don ’ t treat data as an integral part of their operations could be unable to continue in the near-future .
While only 3 of the 10 most valuable enterprises were actively taking a datadriven approach in 2008 , that number has risen to 7 out of 10 today .
According to Accenture , the world produces five exabytes of data each day . By 2025 , this is set to rise to a rate of 463 exabytes per day . It acts as a highly valuable tool for the insurance industry , which can use this data to : analyse trends and patterns , inform policy , assess risk , and identify fraud . First coined in 2011 by Gartner , ‘ datafication ’ is the technological trend of converting peoples ’ activities into actionable stats . This has been enabled by a rise in technologies such as AI , ML , big data analytics , and predictive analytics . By collecting and harnessing this data , insurers can optimise the claims process , offer new , value-added solutions , and deliver a better overall experience for the consumer .
Importance of customer experience According to McKinsey , insurance companies that offer best-in-class customer experiences are 80 % more likely to retain customers than companies that don ’ t . As Chris Moore , Head of ibott 1971 at Apollo , explains , there is an urgent need for the industry to digitalise and truly harness the power of data to provide better experiences to consumers .
“ In the past , the insurance industry has relied on the knowledge that customers are
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