There is a gap between what insurers think and what consumers think about the use of private data found on social networks
New York, NY (Feb. 13, 2017) – Celent has released a new report, Leveraging Consumer Data and Smart Technologies in Insurance: Mind the Gap!, written by Nicolas Michellod, a Senior Analyst with Celent’s Insurance practice.
Today, insurance companies have access to a plethora of data, and they need to carefully assess how to capture consumer data and where to find the sources.
Insurers are well aware that customers prioritize the speed to get relevant information and also the intuitiveness of tools and interfaces. There is a gap between what insurers think and what consumers think about the use of private data found on social networks. While almost half of consumers think insurers should not be allowed to use this data without their authorization, this proportion is less than 20% on the insurance side.
Only a minority of insurers have already invested in these technologies, and machine learning has the best traction. However, a high proportion of insurers are going to invest or are thinking whether it makes sense to invest in smart technologies, with artificial intelligence being the preferred technology.
“Insurers need to challenge their current business model in the light of data they can now leverage as well as the technologies available to turn this data into valuable information,” said Michellod.
“With the importance taken by external data sources and the technologies that can leverage them, insurers need to adapt to make the most of these changes,” he added.
Click here for the table of contents or to purchase the report from Celent.
‘Opinion gap’ between insurers and consumers about using data found on social networks
Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is part of Marsh & McLennan Companies (NYSE: MMC).