To paraphrase Mark Twain, everybody is talking about big data these days, but not everyone is doing anything about it. Research has shown that despite its investment in analytics, the insurance industry as a whole is struggling to find the big gold nuggets in all the data it collects.
Insurance carriers are facing a number of challenges, but they all share the problem of dealing with the new, connected, always-on consumer. Insurers hoping to turn these consumers into customers need to be able to offer them a personalized, highly tailored experience that's consistent across multiple channels—in person, online, or mobile.
New non-insurance players entering the industry often have an acute understanding of how to service today's consumers, and they are unburdened with legacy systems and processes. Insurers themselves, however, have been slow to introduce the new products and pricing models needed to provide the tailored service consumers demand. And although insurers have doubled their marketing dollars over the past two decades, they lack a proper understanding of the returns on this investment.
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