WEBINAR SUMMARY: Data-driven companies, their importance in today's environment and the insurance sector
The sector of activity and the motivation of the company determine the momentum, scope, and focus of data-driven transformation.
The webinar Data-driven companies: their importance in today's environment and the insurance sector from the series «The DATA-DRIVEN webinar series»The event was held on Wednesday, 3 June, where Mario de Francisco, CEO of Anjana Data, as the event's presenter, spoke with Juan Francisco Riesco, Data Director at Mutua Madrileña, about how the demands of the current environment make it necessary to be a data-driven company and how having degrees of freedom beyond regulatory requirements is key to demonstrating that it is a business issue.
Why do we talk so much about data-driven companies?
According to a study by management consulting firm McKinsey & Company, data-driven companies with data-intensive and analytical users are:
- 23 times more likely to outperform their competitors in acquiring new users.
- 19 times more likely to achieve above-average returns
- 15 times more likely to deliver better value to your customers.
Data wrapping
Essentially, data wrapping involves incorporating or “wrapping” the products and services offered by a company with more data-based information in order to ‘delight customers and increase profitability’.
But what does it mean to be a data-driven company?
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- Data-driven companies: data-driven areas + Strategy + Innovation
- Data-driven areas: Data-driven people & processes + Culture
- Data-driven processes: Data + Tools + Data-driven people
- Data-driven individuals: Data + Tools + Knowledge + Use
In data-driven companies, we need everyone in the company to use data and leverage it to perform their day-to-day tasks. We need data scientists with expertise in statistics, programming, and business to develop advanced analytics models for the company. We don't need everyone in the company to be a data scientist.
Being data-driven involves changes in: Organisation, Technology, Processes and Culture.
- Regulation: imposing targets and setting the pace of regulation
- Market: following trends but with limited or vague objectives
- Business: purpose aligned with company strategy
How does this translate into the Company's activity?
Business improvements:
- Increased satisfaction and sales
- Process and cost optimisation
- New business models
- Increased synergies in partnerships
Operational improvements:
- Better understanding of what happened
- Anomaly alert
- Predictive suggestions on actions to take
- Task automation
Is it necessary in the current context of insurance companies?
- Further information available: Open data and connectivity.
- More accessible capabilities: Advanced analytics and new technologies.
- More complex environments: More competitive markets and more demanding customers.
The insurance sector from a data perspective
Challenges and opportunities from a data perspective for the insurance sector with regard to the following points:
- Complex business.
- Risks and regulation
- Technological ecosystems
- Little digitisation
If you would like to know more about how Anjana Data can help you with your data strategy by changing the way your organisation views data governance. Request a demonstration live.
We remind you that the full video of the webinar Data-driven companies: their importance in today's environment and the insurance sector It is on our YouTube channel, where you will also find more videos related to data governance. You can subscribe to receive notifications of new videos.
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