According to R10 Consulting, the insurance market is witnessing significant investment in accessing, engineering, and mining data, making data the dominant theme when discussing high-level macro trends. Based on their recent market insights research, here are some of the data trends and challenges they see in the market:
The Dominance of Data in the Market
R10 Consulting shares that there is a noticeable shift towards using data to make better underwriting decisions and increase profitability. Most market players are investing in solutions to extract and structure data from slips and risk engineering or claims reports. Organisations are also investing in third-party data sources to enrich data insights. Only a handful are looking at the impact of real-time data on risk, risk management and associated new service propositions. That having been said, there are a handful of new business models based on real-time data that are currently in stealth-mode. Some are being strategic with their data and building out data models and linking that to technology upgrades to become data-driven/ data supported.
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