Contact UsUnlock all steps

How Insurers Can Turn Data into a Differentiator

Insurance Insights, Mark Raynor, Head of Consulting - Financial Services, BAE Systems

The insurance landscape is shifting, driven by the availability of technologies such as telematics and artificial intelligence (AI), an ever-growing set of information sources, increasing customer expectations and stricter privacy regulations. This gives your organisation the opportunity to differentiate itself. But, to do that, you need to be able to truly harness the power of your data.

 

The latest report in our Insurance Insights series explores what steps forward thinking insurers can take to exploit the potential of customer data that’s increasing in volume, velocity and variety. And it identifies what benefits could be waiting for you if you embrace the potential of your data.

 

Read on to discover the benefits of embracing Big Data, and the five steps you can take to realise them.

Step one: Operationalise Business Intelligence

STEP ONE

Step one:

Getting data into a hub (or other analytical store) might address reporting and analytical use cases.

 

STEP ONE

Step two: Next generation data architecture

STEP TWO

Step two:

Built on patterns such as Lambda and Kappa, next-generation architectures can help manage operational information and big data more simply.
STEP TWO

Step three: Privacy & Security

STEP THREE

Step three:

There’s a perennial healthy tension between compliance and the business when seeking to exploit data.

 

STEP THREE

Step four: Data management

STEP FOUR

Step four:

Governance has always been critical when you’re seeking to derive value from data.

 

STEP FOUR

Step five: Create a data-savvy workforce

STEP FIVE & CONCLUSION

Step five:

Access to data (and the tools to exploit it) alone is not enough.

 

STEP FIVE & CONCLUSION

Mark Rayner

Head of Consulting, Financial Services, BAE Systems

Mark Rayner is the Head of Consulting for the Financial Services division of BAE Systems Applied Intelligence. He helps banks, insurers and other financial services clients become data-led organisations and get the most value from the information they hold.

 

Mark has 15 years of experience delivering data-led transformation programmes in areas such as regulatory compliance, capital optimisation and catastrophe risk management. He specialises in helping clients maximise business benefit from data and has expertise in a range of disciplines, including data engineering, business intelligence and analytics, data governance and management. This breadth of experience means Mark is ideally positioned to help BAE Systems’ clients maximise the potential of their data.