Data-driven insurance: a definition

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Knowing customers as individuals and not just as market segments allows insurance companies to propose relevant products at the right time and to offer seamless and engaging experiences. Furthermore, being able to count on advanced data analysis means being able to identify the people most at risk of an accident or claim and being able to direct communications towards prevention, with a view to progressively reducing costs.

In the data-driven insurance model, insurance companies use the data guatemala whatsapp resource at their disposal to develop new solutions , create value-added services for their customers and produce unique insights thanks to which they can better understand (and make others understand) risks. Not only that, data-driven insurance, accompanied by an ever-increasing digitalization of the customer base , helps to create a series of advantages, which benefit especially the insured: from the possibility of having access to personalized content in upsell and cross-sell, to the opportunities for greater listening and engagement to a more attentive and effective customer care.

Challenges and opportunities for the insurance sector

The insurance industry has always been about data. In the not-so-distant past—the pre-Internet era—that meant insurers used historical data coupled with inferences about the future to accurately assess risk and make informed underwriting decisions. The insurance industry has collected a wealth of data for decades, but has been slow to adopt new technologies that would allow it to tap into the full potential of its accumulated knowledge.