Insurers that innovate typically have a significant advantage over those whose products blend into the background. Data is a key component when attempting to identify opportunities and quantify the impact of innovative ideas. Whether pricing new benefits or trying to understand the effectiveness of new services and tools, data is necessary to assess value.
In her article “Harnessing the power of data,” Milliman consultant Ashlee Borcan discusses where insurers can get public and private sources of data. She also provides perspective on what happens if that data is imperfect or not what carriers are looking for.
The article is part of Milliman’s Innovate to Win series.
As insurers face fierce competition and pricing pressure, many are looking to innovative ways of doing business to drive revenue and growth or risk falling behind. Today’s technologically savvy consumers demand personalized offerings, responsive customer service, a wider range of options, and the ability to research and engage with carriers online.
For insurers, innovation is a key factor to increasing
market share and improving customer retention. Innovative products and
solutions enable companies to service client needs in new ways that competitors
have not considered or been able to provide.
Successful insurance innovations are thoroughly tested, feasible to administer, and compliant with laws and regulations. To innovate rapidly and effectively, companies need a road map that helps them continuously evolve processes and offerings to better serve clients and ultimately gain competitive advantage. Milliman consultant Ashlee Borcan provides more perspective in her article “Innovate to win: Insurance industry roadmap to success.”