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Focusing on Data-First for Insurance Transformations

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26 September 2023
Nanda Rajgopal

How to get started with data-driven transformation?

Abstract

While digital transformation has been a high priority for the insurance industry in the past several years, the emergence of artificial intelligence (AI), particularly Generative AI (Gen AI) and Large Language Models (LLMs), means carriers are expected to undergo further transformation to leverage these emerging technologies.

There are some common questions associated with this. Are insurers adopting appropriate strategies for these transformations? Does it make sense to consider a data-first or a data-driven approach to transformation? If so, how should they get started?

This report outlines a 6-step process for insurers to achieve a transformed state. The first step is to assess their current state, followed by forming a data strategy and governance framework. The next step is to migrate their data to a cloud-based repository, such as a Data Lake or a Lakehouse. The report emphasizes the importance of a data fabric to connect the data repository to the data sources. Additionally, it provides guidance on factors that insurers should consider when undertaking this approach and how they can customize it to fit their specific environment. Overall, the report serves as a valuable resource for insurers looking to embark on a data-driven transformation.

A data-first/data-driven approach can help insurers improve their operations, develop new products more quickly, and

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