INTELLIGENT BRANDS // Software for Business
insurers must find ways of understanding its
potential and using it to gain new insights.”
The traditional method of solution design
revolved around which segments of the
insurance puzzle an organisation needed to
Innovation first
Preston says that these new insights are
instrumental for the development of
more relevant and innovative products
and services. She said: “Thanks in part
to the rise of insurtechs, the sector is the
most competitive it has ever been. While
customers are the real winners given the
choices at their disposal, insurers can
take the initiative and embrace the new
opportunities that data-driven services can
unlock.” Using this approach as an element
of the digital transformation journey, which
insurers have already embarked upon,
will accelerate the development of more
unique solutions that are more mindful
of customer requirements. Previously, the
customer/insurer relationship could best be
described as trying to fit a square peg into
a round hole. Today, there can be much
better alignment of the respective needs
due to having innovation and data-driven
strategy development at the centre of the
insurance business.
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More data?
INTELLIGENTCIO
OF COURSE, DATA
SHOULD NOT
BE CONSIDERED
THE SILVER
BULLET THAT
CAN SOLVE ALL
ORGANISATIONAL
ILLS WHEN
IT COMES TO
PRODUCT DESIGN
AND DELIVERY.
POWERED BY
fill. Thanks to more nuanced data (driven by
customer engagement, Internet of Things
and the like), insurers can be more bespoke
in their development. “In this regard, the
more data the organisation has access to,
the better it becomes. So, instead of wading
through masses of meaningless insights, an
insurer can better analyse and draw insights
from the data in their back-end systems,”
said Preston.
Ultimately, she says, it is about rethinking how
data is analysed to be more cognisant of the
requirements of the digital environment.
“Of course, data should not be considered
the silver bullet that can solve all
organisational ills when it comes to
product design and delivery. Leadership
has to show a willingness to change and to
embrace the new way of using data-driven
services,” she concludes.
Silverbridge operates in 14 African
countries and has more than 30 customers
in the continent facilitating them with
the opportunity to respond quickly to
changing markets. n
www.intelligentcio.com