By Fernando Monteavaro (*)
Today's world is increasingly volatile, uncertain and complex. Disruptive technologies put society in constant change. Today's consumers have different needs and are looking for speed and flexibility. And many startups are redefining the markets and experience of these same consumers.
Every day we connect to a digital device. Whenever we do this we make a decision and, whether we like it or not, we show behavior that can be used to define our profile. More than four billion people use the internet globally. More than 1 billion hours of YouTube video is viewed every day and over 3.5 billion Google searches are done. Every day, 500 million users use Instagram stories. There are billions of behaviors inserted per second.
Never in history has there been such a large volume of information as today. But incorporating this information into the value chain – to offer a tailor-made, tailored product and creating an emotional customer connection throughout the procurement process – is something that few companies can do.
In insurance, companies traditionally sold products with an average shelf life of about ten to 15 years. Today, much happens during this time and solutions can quickly become obsolete.
In this context, it is clear to everyone that we are facing different challenges for the future, not only related to the volume of information or type of device used, but also to the type of information.
Consumers seek greater individualization of experience. The customer wants the company to respect him and offer him a personalized solution. For example, the insurance industry is already working on microinsurance, tailored to meet specific short-term needs for a particular client.
It is in moving from the data management and reporting model to the introduction of analytical and predictive models that companies can create more value. Walking this path means defining a clear data strategy that covers many aspects, from identifying data sources to defining the data protection and privacy rules to assessing talent competencies across the organization. As with any transformation process, it is about taking a trip that will be critical to the profitability of companies.
I have no doubt that the way the use of Artificial Intelligence (AI) is being developed will enhance many opportunities to increase the competitive advantages of the most innovative companies. Big Data, Machine Learning tools, among other technologies, are already enabling increased inclusion in access to financial services, for example by ensuring that people with chronic illnesses demonstrate rigorous management of their condition and adopt a style adequate living can benefit from comprehensive and competitive insurance. It's about leveraging Smart Data's technological innovation and power to create a personalized and inclusive experience for everyone.
(*) Head of Iberia Regional Application Development and IT Digital EMEA