“Carriers should look further than just insurtech firms when scouting for data monetization partners”.
Partnerships can be critical in the monetization of data sources by insurers. Many insurance companies don’t have the qualification to improve their operational efficiencies or develop new markets by using their stores of data. In order to monetize Big Data streams effectively, insurers can trust innovative insurtech firms but should not bound their options only to them. Insurers can partner with organizations that are well established in their traditional markets, which have big reserves of data, market knowledge and expertise. These firms can provide insights about how to capitalize on their data and assure data protection to insurers. Data monetization has to build trust between participants and with customers. There are already partnerships of firms from different industries to capitalize on data monetization opportunities. Beazley joined with TRA Stanford to improve patient security at the hospitals it insures. Allianz Global Corporate and Specialty partnered with Praedicat to aid its customers improve their chemicals handling. XL Catlin is working with the Driven autonomous vehicle consortium in the UK to determine the risks that can arise from self-driving vehicles. Accenture and Pitney Bowes developed the Property Evaluator that evaluates 100 risk property characteristics that need insurance, increasing the rapidity and precision of property underwriting. Accenture has developed Vector4D, which helps insurers use their data more effectively and control property risks to aid customers when natural disasters occur.