Learn to win from Amazon

Insurers work intensively with data. New IT systems make it possible to use them more sensibly. In this way, data becomes the key to efficiency and speed.

Data, analyzes and insurance products are growing together more and more, for example in the area of ​​motor vehicle liability.

WITHu The early adopters of electronic data processing included insurance companies. Hardly any other business model is based so heavily on data and its analysis. In this regard, today’s IT challenges facing the industry are also a result of their legacy as technical pioneers. Anyone who wants to make risks calculable collects the claims experience of thousands of customers and evaluates them statistically. When punch card computers became usable, the insurance industry benefited from it. But times are changing, with the digital revolution, customers have got used to receiving the delivery they ordered from Amazon & Co. the next day at the latest.

Insurers didn’t look very good with the long procedures with which claims were assessed. They want to be faster and closer to the customer in the future. A key to this are the inventory management systems that bring sales, contract management and product development together. Some of these are in-house developments, others have grown over many decades. All insurers are working to use the efficiency gains that lie in a consistent and well thought-out system. In the past few years, some IT specialists have set about developing such systems and introducing them across the board in the industry. For property / casualty insurers, Guidewire from California, Tia from Denmark and Fadata from Munich are among the leading providers. “IT has become strategically crucial for every company in the world,” says Mike Rosenbaum, CEO of Guidewire since 2019, in an interview with FAZ