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From Lost Opportunities to Unfair Advantages in the Insurance Industry – Bridging the Gap with Technology

Efficient data management – The cornerstone of innovation in the insurance industry

The insurance industry is constantly changing to accommodate complicated new regulations and a changing competitive landscape. As data-driven insights become increasingly precise and personal, insurance companies are able to offer more customized products to consumers with greater efficiency. That efficiency, however, is contingent on critical components: data quality, organization, and management. Additionally, increasingly available diversity of data coupled with a rapid pace of advancements in the ways to organize and analyze it, allow insurers to discover opportunities and tune existing propositions.

Although there are more technological innovations available than ever before to minimize risk and maximize profitability, manual processes and paper still permeate the industry’s business practices. Unstructured documents such as Word, faxes, PDFs, and spreadsheets are widely used as key inputs and systems for core business act ...

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