I’m fascinated by an industry so reliant on accurate data, which at the same time is so utterly starved of it.
Spotting new trends in insurance records is no mean feat, and a lack of up-to-date MI reports and graphs makes it impossible. In fact, we need all the data we can get, presented in the best ways available. Acturial Science is rightly named so: insurance is a highly complex business, and he who makes reliable predictions about account behaviour – who knows what rates too tweak and when – reaps dividend.
If you have the tools to see them, there are trends in your business that only you can spot, and only you can capitalize on: trends you’ve never seen. There will also be statistics that right now don’t seem important because in order to feed them regularly into all areas of your business would seem to require investment, but the massive advantages those statistics will bring can only be realised when seen in the right context at the right time, by the right member of staff, alongside every other metric available. Those reports might finally prove vital.
You may think you know every angle and opportunity that lies within your customer base; it seems simple; it seems there could be no great complexity to something we know inside out, but I have been proved otherwise nearly every time I see new reports and comparisons.
This doesn’t mean your computer will tell you how to pioneer the next insurance revolution, far from it, but it might just give you enough data to shout “Eureka!”.
I urge you to demand more of your graphs and reports, more of your software; expect real-time data across all areas of your insurance business, at a general and a specific level.
When the data rains down, only the answers will remain.
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Please leave comments and feedback. If you have examples of what I describe above or experiences to share, please do! If you think I’m wrong, tell me! (But I’m right, right?)
