Big Data and Insurance: How Technology Can Transform an Industry – Martn Ferrari

Technological development is progressing at unexpected rates and penetrates the majority of industries generating changes in the business model, the relationship with customers and the way of working . The process is general: there is no element that is not affected by the so-called digital transformation.

Far from being a threat, it's an opportunity to test creativity, discover new sources of revenue or develop stronger links with users of our services or products. To take advantage of this, we need to be attentive to what is happening in all sectors and identify the trends that lead us to redefine the rules of the game and to position ourselves as leaders in a constant process of innovation.

Insurance can serve as an example of what can be achieved if we integrate technology into everyday processes, and what we can lose if we do not do it. Its emergence has redefined the relationship between policyholders, insurers and insurance advisors to simplify bureaucratic processes.

Five years ago, it was difficult to imagine the possibility of reporting an accident or theft by means of a text message, a WhatsApp or an application. Today, that is what all users expect, especially the youngest. This is fundamental if we consider that the universe of customers and prospects is formed in its majority by millennia.

To reach this market and meet its needs, it is essential to be up to the challenge. The solution is to offer technological tools and products that meet the needs of these groups and attract their attention.

Some insurance companies consider Insurtech as a competition or a threat, but the services they offer are comparable to the private sector financial bank. It is gradually pushing the adoption of digital tools by its users and allows the banking professional to feed on the data provided by technological instruments to design new financial products for its customers. In other words, there is a collaborative relationship.

As in most technological services, the essential is to deepen the link with the insured and meet his specific needs. For this you can use the data provided by digital tools.

Although for many the change is threatening, it is a huge opportunity to promote cross-selling and upselling. Professionals in the field have to adapt to new times with a renewed focus on sales and advice but for that, you have to be flexible and flexible.

Therefore, instead of generating antagonism between traditional insurers and Insurtech, the strategic point is to think of a joint work between them that encourages the growth of the sector. For example, a survey released by EY explains that some producer insurance advisers might benefit from adopting some digital tools that they themselves can not develop in-house. According to the research, 77% said they would significantly appreciate a technology tool that automatically identifies potential opportunities within their existing structure, while 47% indicated their interest in having an application that helps them achieve better interaction with its customers, and 63% of participants will value technology tools as sales support. This opens up a huge opportunity for the most innovative players.

Such is the case of 123Seguro, which with a new mobile application recently presented to the Argentine market, is the first tool in Latin America that offers multi-quote coverage and provides services to more than 10 insurers simultaneously, granting The absolute control of the management of your information and vehicle documentation, meanwhile, facilitates the reporting of an incident by voice message, photographs and text.

This possibility also exists in other industries in which it is necessary to start considering innovation as an ally. It is not one or the other but a common work that can lead to the development of new activities and to a better knowledge of our target, reinforced by the enormous data generated by applications and software.

(*) Martn Ferrari: CEO of 123Secure

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