Economy downturn- Insurers need to use their data now more than ever
It can be tempting during a downturn to simply focus on keeping the lights on. The Insurers that will do well during the downturn are those that invest in both data sources, and how they then utilise that data. Reducing claims leakage, detecting fraud (which will rise), selling more to existing customers and converting more at point of quote through accurate pricing all are derived from knowing the customer/ risk object better.
I think there will certainly be a toss up between growth vs reducing costs- especially given inflation... with reducing costs/ leakage likely to win... what do you guys think?