Artificial Intelligence, Predictive analytics, Customer Data platforms. Some of the buzztechnologies that ‘help’ companies personalize their customer experiences based on data insights. In our industry we know that claims and policy data will provide valuable risk insights. By transforming data into predictive information insurers can support clients and brokers in developing risk expertise. But, how sustainable is this value creation?
Do we always know upfront which data will deliver value?
GDPR requirements, data abuse and data breach make us rethink how willing we are to share information and how we use personal data to deliver on customers preferences. The mantra in all privacy legislation is about being transparent on the use of data before gathering and storing it.
But do we always know upfront which data will deliver value? After all, the power of data analysis often lies in the unstructured data gathering supplemented by the use of algorithms that can identify patterns, correlations and indicators regarding tomorrow’s risks.
Will privacy regulation actually help us in developing data analysis further or will it substantially limit us in creating client value?
Since developments in the business to consumer domain will often pass on to the B2B domain, I wonder what will happen with creating data based value if GDPR evolves into an organizational privacy domain. Will privacy regulation actually help us in developing data analysis further or will it substantially limit us in creating client value?
General Manager AIG Benelux