Making data more accessible and sharable among those in underwriting, claims, product development and marketing could free information currently trapped in siloed legacy systems, Deloitte reports. (Photo: Farknot Architect/Adobe Stock)
While data has been the insurance industry's lifeblood since the first actuary was hired, many carriers are still struggling to refine their most basic raw material to produce more impactful insights and outcomes, research by Deloitte has found.
As summarized in my last article, many challenges are keeping insurers from realizing the full potential of their data and analytics initiatives. A report by the Deloitte Center for Financial Services identified a multitude of problematic issues, including:
- A fractured infrastructure making access to and sharing of data difficult.
- A shortage of higher-level specialists capable of maximizing the value of data.
- A lack of collaboration with operational leaders about how best to utilize all the data being collected by insurers directly as well as purchased from third parties.
While overcoming these and other organizational challenges should help raise an insurer's data maturity level, cultural changes in attitude and approach are also likely necessary to establish and maintain data management as a competitive differentiator.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
