Customers want personalised services; therefore making useful data is vital. The big question that remains is how to optimise the flow of big data, how to structure data that enables insights, generating revenue and lowering operational costs.
It requires dealing with large amounts of data and complex regulations. This data is located in CRM, quotes, claims and external systems. Because data isn’t centralised, there’s no single customer view or full customer profile.
This results in the inability to offer a tailored customer experience, missed sales opportunities and loss of revenue. Such as not identifying opportunities for up-selling and cross-selling and generating higher operational costs due to inefficiency.
Big data also helps mitigate risks and detect fraud. They are calculating risk by collecting data on the probability of natural disasters, driving behaviour, lifestyle, and more. Helping insurance companies offer the best policy with the lowest risk.