Tonight, Pega is holding the latest in our series of Pega Executive Forum dinners and as our guest speaker we have one of the world's foremost experts and TED speakers on AI and data - Daniel Hulme. He will be enlightening the +30 senior insurance executives in attendance on some of the benefits and challenges of this new tech world and how they can use it to improve their company's performance
There is no doubt that data, big and small, can help insurers cross and up sell products. It is not having the data that counts though, it is using it and getting insight from it. The use of insight from AI is the key.
A plan by Admiral Insurance to use social media data to help price insurance policies – which was ultimately blocked by Facebook in November – is evidence that insurers are starting to wake up to the potential benefits of the vast amount of data now available, according to one expert. “What that really told us is that insurers have an appetite to know more about their customer base,” Andrew Lee, head of market intelligence and analysis at Octo Telematics, told Insurance Business. Insurers are starting to lean into the idea of micro-segmentation when it comes to clients: looking at more than just where a policyholder lives or their driving experience when it comes to pricing a motor policy, for example.