A focus on data mastery
Nearly all insurers in our study (91%) expect deep and sustained change between now and 2023, higher than any other industry in our Work Ahead research series.
When we asked insurance respondents to name which forces would significantly impact their organizations by 2023, the top three responses all underscore the need to harness the large and ever-growing volumes of data insurers generate and quickly gain insights from it: hyperconnectivity (IoT), automation and analytics (see Figure 1).
Insurers are also pressured to go beyond analyzing past behavioral patterns for pricing and underwriting, and make predictions using current behavioral data. They’re now working to provide algorithmic-driven, flexible, on-demand insurance offerings that target customer behavior and trends – as they happen, in-the-moment. How effectively insurers instantaneously price and underwrite risk, with minimal intervention and a high degree of precision, will determine their commercial success vs. their competitors.
Data mastery predicates success
Respondents were asked what impact the following forces would have on work by 2023. (Percent of respondents saying “strong impact”)
Response base: 285 insurance executives Source: Cognizant Center for the Future of Work Figure 1