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Financial IT, UK: Cognizant’s Senior Vice President of Global Insurance Strategy and Ventures Says a Data-Centric Approach is Necessary for Insurance Companies to Keep up With Competition

“It is clear there is an industry consensus on the central role of data and analytics — both now and in the future — in shaping business models and commercial opportunities,” explains Michael Clifton. “In many ways, this is not a surprise, but the research [Cognizant’s recent report on the future of work in insurance, The Work Ahead — Seven Key Trends Shaping the Future of Work in the Insurance Industry] confirms something profound: without a data-centric approach at the core of what an insurance company does and how it does it, some may struggle to maintain their current spot in a competitive industry — and unlock the trillions worth of new value in it.” Excerpts:

“Insurance companies are facing unprecedented challenges and opportunities where digital is no longer just a new way to package and sell traditional concepts, but something that will redefine the industry at its core.

The massive value of today’s $5 trillion global insurance market is impossible to ignore. Add to that over $1.63 trillion worth of new value to be unlocked if the industry is digitized by 2018 — and the industry becomes even more exciting.

Insurance providers, traditionally focused mainly on their core business, should rethink what they do, and how they do it, in the face of change driven by data, automation and artificial intelligence (AI).

Approximately two-thirds of insurers (61%) believe that digitally-driven transformation is the key to their organization’s commercial future.

The data-driven insurance industry has much to gain from working with automation and machine learning that enhances the ability to analyze and create value through data.

For a corporation, being more strategic and specialized may mean targeting a micro-vertical niche, for example, bio-chemical research intellectual property protection, rather than continuing to pursue large, undifferentiated marketplaces.

In order to keep up with the competition, insurance companies should adapt to these dynamics and equip their employees with the relevant skills.”

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