Data-driven insurance is the key to harnessing data for autonomous business models and services that can react to external influences and changes. For example, insurance products can be built based on data and with the support of AI processes. For the insured, this provides for seamless integration into the digital world and therefore a new user experience as well.
Data Driven Insurance
Laying the foundation for the data-driven business of tomorrow, today
Data-driven – the next step in the digital transformation of insurance companies
LLMs like ChatGPT accelerate the digital transformation of insurance companies
Language models are currently at the centre of a hype. With the advent of GPT-3, GPT-4 and other advanced models, they have attracted enormous attention. The ability of these powerful AI systems to understand natural language and generate human-like text has generated great excitement in various industries, including the insurance industry.
What is the current and future relevance of LLM for insurers?
But what does data-driven insurance actually mean?
A data-driven insurance company makes decisions on the basis of data that’s distributed across corporate boundaries and the AI methods that are applied to it. In doing so, traditional corporate structures are becoming completely blurred – and so is the implementation of business models. Bringing together a wide variety of data sources to perform an analysis both inside and outside the company creates a data ecosystem. With this as a basis, data services can be provided to (partially) automate business processes.
adesso’s New School of IT uses the term ‘data mindedness’ to describe the rethink required for data-driven approaches:
Data mindedness means thinking about every department, application development, operations and sales in terms of benefits, services and business models based on the available/procurable data.
Awareness must be raised for the potential of the data available to an insurer. Insurance companies traditionally have access to a great deal of their customers’ relevant data, such as address data, payment data, health data and data on benefits and claims. Nevertheless, this asset has hardly been used for anything other than operational business. By making use of the data, it’s possible to significantly increase the business value over the long term.
We provide the following services to support you in developing a strategy for data-driven insurance:
- Evaluation of data in relation to maturity and asset
- Organisation and data mindedness
- Action plan for increasing data maturity
- Scenario and potential analysis of use cases
- Roadmap for a potential implementation strategy
What we can offer you
adesso is your competent partner for creating an initial strategy and roadmap for becoming a data-driven company. We meet together in an Interaction Room workshop, which brings different stakeholders to the table, to establish exactly what the topics and areas of tension are and uncover your potential for data-driven insurance. We take a holistic view of the market, product, organisation and data.
Let us take the next steps using our proven method and your interdisciplinary team. We’ll show you how to prepare your company for the future. We look forward to your enquiry!
Learn more about data-driven insurance
Do you have any questions?
There is no website or brochure which can replace a personal meeting to talk about your goals and topics. We are looking forward to an appointment on site.