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Unlocking the value of data
Date of Issue: Thursday, 18 April, 2019
Data increasingly flows through everything in our lives – from our banking, seeking medical attention, to physically securing homes, businesses, and even critical infrastructure. Only by harnessing this data through leading analytics capabilities can insurers create the cutting edge customer and risk that lead to differentiated products and services in the market. Indeed, McKinsey Global Institute considers insurance among the sectors with the highest potential for big data.
Zurich uses data in many ways. For example, combining our customer data with market data helps us to identify customer needs. This helps us service customers, understand where we have groups with similar needs and tailor our products and services. This is done across Zurich’s consumer businesses.
Our commercial customers have very different risk profiles, requiring products tailored to their needs. Data analysis allows us to help customers understand their risk exposure; by putting the big picture together that they do not necessarily have. This can be in natural catastrophe exposure, supply chain disruption or director and officer (D&O) risks. And for all customers, we use transactional data to allow us to respond in an agile way and to tailor the customer experience.
Of course, as data has become an increasingly precious resource, so trust has become the way it is reached. One recent study found that consumer willingness to allow companies to use data was roughly five to ten times higher among those who trust a company the company in question.
This makes trust the new brand USP in insurance. We must earn it by being responsible data stewards. That means protecting customers’ data from exposure and using the data customers share with us to enhance their lives.
Ian McNeil is Global Head of Customer Management, Risk Engineering and Deputy Head of Risk Engineering at Zurich Commercial Insurance