Excellent article to help strategy and leveraging the value of data too often hidden and inaccessible. To tackle this frequent challenge 360Retrieve is being deployed by large and small insurers and fraud investigation service providers. Recently we announced the partnership with Synectics Solutions to deliver unstructured data and analytics.
Russell Mackintosh, Head of Partnerships at Synectics, said: “Ensuring that we’re offering our clients the very latest technology to help them improve their fraud and wider financial crime prevention capabilities is at the heart of our strategy. Providing the SIRA community with the ability to analyse unstructured data and incorporate that with other intelligence is an exciting step, and one which I’m delighted we’ve taken in partnership with 360Globalnet.”
In December 2019 BC Legaland 360Globalnet launched a partnership offering insurers 360Retrieve QC Injury Claim Toolkit.
Chris McCrudden, Operations Director of BC Legal, said: “As soon as we met the 360Globalnet team and saw their software platform, we knew a collaboration would be hugely exciting for both parties. Like 360Retrieve, our claims handling software, such as ABC Quantum, is designed to promote efficiency and innovation whilst maintaining technical excellence during the claims handling process. We are looking forward to working together on this project and hopefully many more in the future."
Insurers were founded by leveraging data and in a current age where, as Jean-Nicholas Hould says
"Conducting a thorough build vs. buy analysis can help insurers compare the costs, benefits, and timing of in-house, data-centric solution development vs. partnering with a vendor, but there are other intangibles that can be harder to quantify, such as missed-opportunity cost and user experience that should also be considered. This is especially true in an era where digital-native disruptors are pursuing the same prospects as insurance incumbents."
Don't let the Digital Giants, which are master data management practitioners, steal a march on you.
The only aspect with which we disagree in this article is the focus on fresh data. Do not ignore the value of the insights in current data which is vital to analyse if you are to achieve efficiency, lower costs and happy customers all at the same time.
As Synectics Solutions and BC Legal show there is gold there, joining with their data sets, third party sources . We have not even started with IoT sensor generated data, CCTV, dashcam and so on.
Data is, was and always will be key to success. Want to explore how to leverage it?
Legacy platforms can be modernized and data sets migrated behind the scenes while new data is generated and put to work now. Over time, the ability to merge data sources, including that of third-parties, and the super-enriched datasets that will result, will unlock even more business opportunities. Data has always been the bedrock of the insurance industry, but starting now by starting fresh will ensure its future.