Legacy systems are built to store outdated data and can’t keep up with the rapidly changing world. Old, strictly-structured data captures little to nothing of the real world – which means you’re always missing important details.
If all the different departments in the organization don’t follow the same ground truth, there are bound to be discrepancies which end up causing inconvenience. Silos in organizations also impede visibility for the management.
The biggest hurdle in insurance is to catch fraudulent claims which can be a very messy job with many different stakeholders. It is imperative that the data structures accept nothing but the ground truth and are hard to manipulate.
You can understand people better through almost all aspects of their behavior and surroundings – and no data is inconsequential when it comes to assessing the risk involved.
If the claims aren’t being fulfilled with speed and convenience, insurance companies can lose customers in a snap. But how does one balance speed with precision and care?
In the end, it’s all about being client-oriented. If you don’t satisfy the needs and demands of the market, you lose!