Dr Roland Bürgi, Chief Executive Officer and Dr Daniel Trzesniak, Head of Marketing
Wikipedia defines an electric light as “…a device that produces visible light from electric current”. Many of us would have never read this definition, yet all of us use electric light every day and have accepted it as an omnipresent enabler of many of our activities. It appears hard to believe that only a little more than 100 years ago, electric light was considered as modern and ground-breaking as data-driven decision making in insurance companies today.
So what transformations has the electric light undergone in the past 120 years? It has turned from a cutting-edge, exclusive and luxuriously expensive technology into an affordable everyday commodity – electricity itself is used without wasting a thought on how it got to where we want to use it. We take it for granted that it is supplied in every room of every building, can be easily controlled, and operated safely by people who aren’t electricians.
The same revolutionary transformation is about to happen to the usage of data as the fuel to virtually all modern insurance decision-making processes. No longer are insurance executives willing to accept that ad-hoc reporting requirements can only be addressed after lengthy data-gathering and compilation exercises. No longer can they rely on projects that take years to execute and cost an enormous amount of money. Insurance companies are no longer able to afford the current situation and the time for change is now.
In the coming years, the insurance industry will demand from their IT suppliers that all analytical activities will be instantaneously fuelled by data readily available across departments and independently of data source, just like electricity is available in every room today. We will see a focus shift from the development of data exploitation and analysis techniques to using active data management as the only means to achieving sustainable and universally reliable data provisioning.
This data revolution in the insurance industry will be powered by technology. It will represent a quantum leap in the way the industry operates, and early adopters will have a clear competitive advantage. The return on investment is achieved when well-informed decisions can be taken on a reliable and trustworthy basis. At Systemorph we work hard to help insurance companies achieve this goal and bring their data to light.
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