Go from data-based to data-driven
One key differentiator between competitors is their data, and the decisions and actions they take as data-driven insurers. Here are two approaches that can help organisations optimise their claims automation journey:
Start small and scale-up
Based on a specific business case, create smaller-scale solutions, e.g., individual teams can quickly build or purchase a solution to meet their immediate data and analytics needs. This allows business units and small teams to speed up their processes and continuously improve existing products. At the same time, organisations should also keep an eye on integration.
Integration at the right time helps the organisation be quick from the get-go and promptly deliver benefits while also ensuring an efficient connection to the core system.
Think big and make it happen
This approach echoes a company's vision through a long-term data strategy that focuses on alignment with the business model, defining and implementing necessary technical, organisational, and cultural measures.
A part of the process also includes establishing a 'Single Source of Truth' to ensure data quality for data applications. Data needs to be available and collected in a structured manner. While this enables strategic organisation-wide decisions, it requires an end-to-end comprehensive solution that may take considerable time to see the end results.
The key to making your organisation data-driven is to focus on action and progress. Think about building capabilities and encourage a culture in teams to think in the same way as technology companies to move away from legacy technology and systems.
Prioritise value delivery in specific scenarios that cut across business functions and relate to customer value. Identifying these ‘thin slices’ allows you to focus on realising the value and showing results in months rather than years.