Analytics is gaining Momentum in the Insurance Industry
This article was created based on an interview with Ralf Eggermann.
Ralf Eggermann
R+V Allgemeine Versicherung AG
CRM & Customer Intelligence
The changes we are experiencing in the insurance industry are to some extent a reflection of the way society is evolving. There are vast amounts of data and processes in the insurance industry that we can support, such as actuarial processes, pricing issues, and fraud detection. Therefore, analytics is increasingly making its way into marketing as well: potential analyses, customer segmentation, and targeting concepts – everything where large amounts of data are being used. The goal is always to analyze customer and business interests as best as possible and to get better insights every day.
In our company, units are being established that did not exist before. Previously, there were smaller groups or experts who dealt with analytics. Today, there are entire units that professionally operate in data science. Usually, there is a specialized core that deals with it intensively. Employees of these units are usually well-trained in analytics. Analytics is always a means to an end, not the end product - so to speak, an enabler for processes.
How to successfully Anchor Analytics in Companies
Overall, we are only at the beginning. Analytics is increasingly coming into focus - in all areas. We have not yet seen the end of it. In order to tackle data-driven topics within a company, it needs to be anchored across hierarchies in the organization. This is a process that requires leadership. If you want to establish analytical thinking throughout an organization, you need commitment from the board and management. Data-driven decision-making processes must become an entrenched core value in the company.
The Benefits of the Analytics Value Training in our Organization
One of our employees participated in the Analytics Value Training last year. Afterwards, she presented what she learned during our "Internal University" - an internal format for knowledge transfer. She shared insights on how to develop and implement use cases in the most meaningful and value-driven way possible. The templates and procedures provided helped internalize analytics and approach topics in a more structured manner. This structured approach is particularly helpful for qualified evaluation. The first question should always be what benefits are generated.
Another benefit of the training was the discussion with participants from other companies, providing insights into their ways of working. Overall, the training was a selective measure. To turn a company into a data-driven organization, naturally, more is required. When it comes to transforming an organization, changing mindsets, and fostering a widespread recognition of the topic's significance, the Analytics Value Training can be a valuable step. An analytical mindset provides the impetus for changing the way of working or approach things. This applies to all hierarchical levels.
The crucial factor is engaging with this topic.
