Customer-centric differentiation in insurance: Meeting the data challenge

The insurance ecosystem, rocked by disruptive technological and competitive forces, has changed forever. Insurers seeking to navigate this changed landscape are taking a lead from the customer in order to equip their businesses for survival in the digital age.

To succeed insurers must understand their customers as never before, not just as a series of policies and risks but as individuals, with interests, preferences and emotions. This will not be easy: companies have evolved systems and processes that hinder this complete and detailed picture of the customer. Finding a way to unpick, clean up and rebuild the treasury of data hidden in a web of legacy systems and departmental silos is the first step in the customer-centric data challenge.

To understand how insurance companies are readying themselves for customer-centric differentiation, Visionware and Marketforce surveyed 265 senior executives from a range of insurance firms.

This report provides an in-depth analysis of the research findings.