EiB Insights is a series of bite-size videos curated by Excel in Business’ Managing Director, Paul Martin.
As the InsurTech revolution continues to evolve, with exciting new technological advances disrupting and evolving the industry, for many organisations, embracing a digitally driven future is not a straight forward proposition.
The first EiB Insights series seeks to explore the real World issues and challenges which businesses operating in the Insurance industry face, within an increasingly data driven environment. More specifically, this series addresses the challenges of producing accurate and reliable Management Information (MI), the lifeblood of any organisation which is serious about gaining a competitive edge through their data, to improve their overall business performance, efficiency and profitability.
A recent survey on MI in the Insurance industry, commissioned by Deloitte, found that a majority of insurance companies still lack confidence and reliability in their data management and MI solutions. Our own research at BIBA this year further supported this, with almost 50% of respondents admitting that they believed their MI included erroneous data. Since this research was conducted in May, we have undertaken further consultation with several leading insurance organisations that has indicated the percentage of organisations producing inaccurate MI is most likely a lot higher, with many stakeholders across the industry understandably not wanting to admit they are writing lines of business using unvalidated data.
So whilst there seems to be a lot of doom and gloom surrounding the data conundrum in Insurance, there are some positive solutions on the horizon. In this series we will be discussing some of these, and the practical opportunities which Self-Service Analytics and Business Reporting tools and applications, such as our EiB Insurance Analytics solution, offer MGAs, Underwriters, Insurers and Brokers within the MI space.
The first instalment of EiB Insights addresses the complexities of calculating earned vs. written premium.
If you would like to discuss your MI requirements, then please contact us today.