Why Reinsurance Data Is Your Biggest Asset
Reinsurers have historically focused on the merits of a single transaction, rather than the collective knowledge of a host of transactions. Reinsurers have also managed far lower volumes of data than direct insurers and this has led to an overriding emphasis upon automation to reduce costs. In the rush to achieve this, data analytics, as a forward-looking indicator of past and present performance, has been overlooked.
Yet data analytics represents a sophisticated way to feed data throughout the enterprise and to other parties in the supply chain. Having the tools to glean a definitive, accurate overview of your key business drivers is surely the most powerful basis for well-informed decision-making.
Now this information reporting is dynamic. Models can be built today, in real time, and it’s clear to see how all areas of the business are performing, how customer segments are responding to particular products and services, and how the corresponding claims information aligns with this. This can give any senior executive the ability to see, at a glance, how the business is performing against targets, against the previous and what is required to achieve certain goals and to build on the performance scorecard. Analytics can emerge as the deciding factor in an organisation’s efforts to improve business performance and achieve its growth plans.
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