Gaining Insights Through Data and Analytics Collaboration
July 19, 2017| Von Upendra Belhe | P/C General Industry | English
Disruption, continuous change and uncertainty are a stark reality for P&C carriers today. Digital technologies, data analytics and social media promise to transform the traditional marketplace. It’s an environment where customers’ expectations and behaviors are evolving at such a rapid pace that the old ways of doing business can’t keep up.
Small to medium-sized insurers in the P&C sector are finding it especially difficult to adapt to the digital age. Frequently, they simply don’t have sufficient resources to equip themselves with the knowledge and insights they need to survive and prosper.
This is where a reinsurance relationship can help in a unique way.
Reinsurance companies have a vast network, through their diverse client base spanning different geographies and market segments. Gen Re’s product offerings range across international, national and regional carriers, and include both mutual and stock companies.
This broad scope allows us to effectively capture the collective wisdom of the marketplace and communicate it back to our clients in a secure manner. Our aim is to ensure that such learning, based on diverse experiences, is a real ”value add” for our customers and that it can help inform their strategic thinking.
At Gen Re we’re actively encouraging and helping our P&C clients to put collective data-driven insights to work in strengthening or even questioning their business hypotheses. We feel strongly that such a data driven, collaborative approach can uncover perspectives and potential that would otherwise be hidden from them.
In fact, our aim is to collaborate on a platform that enables market facts, trends and concerns to be shared with clients. In that role we also distill the group insights for individual participants, without ever compromising anyone’s confidentiality.
The bottom line is that today’s P&C business environment is an increasingly complex and ever-shifting ocean of change. Now more than ever, P&C carriers need to leverage intelligence and resourcefulness that is currently out of their reach.
Accelerated learning through the sort of data and analytics collaboration platform envisioned by Gen Re is going to be crucial in developing the vital market intelligence that P&C insurers need to compete successfully.
As we work towards this vision, we’ll continue to share updates on the progress we’re making. In the meantime, we encourage you to reach out to your Gen Re account executive to find out how our data and analytics collaboration initiatives can be utilized for maximum benefit.