Could a data-rich world mean that insurers identify preferred insureds and contact them?
Clearly the collection of data, and the analysis of that information is changing the way we handle so much of insurance (and life more broadly). But how far away are we from insurers being able to capture enough publicly available data BEFORE the formal interaction with a (potential) client?
Imagine a time when much of the insurance buying process is inverted, beginning with an offer for coverage, rather than a lengthy application and quote request. In that future, an insurer provides both an assessment of the risks faced, mitigations that could be undertaken (and the savings associated), along with the price it would charge. While no doubt more client-friendly, is such a structure possible? As Louis Bode, former senior enterprise architect and solution architect manager at Great American Insurance group and current CSO of a new startup in stealth-mode observes, “The insurance industry will be challenged to assimilate and digest the fire hose of big data needed to achieve ease of use and more powerful data analytics.”