Stephen Bevan, senior business development manager at Gallagher Bassett, explains how insurers can have confidence in their decision-making processes when tapping into data insights
Strategic decision-making for insurers and businesses hinges on data driven insights.
While evolving digital tools have enhanced the capabilities of insurers to better harness and utilise data, the human touch remains irreplaceable in uncovering the meaningful insights embedded in the numbers.
To assist clients in unlocking the potential of their data insights to help achieve their objectives, the following practices should be considered.
1. Strategic alignment
Ensuring that reported insights align with a client’s business critical criteria is paramount.
This alignment allows clients to use reporting to identify key areas of risk or exposure and deploy targeted intervention tactics, which ultimately helps to refine and enhance overall business performance.
By measuring the impact of these interventions against industry benchmarks, the strategic alignment facilitates proactive risk management and the identification of unique strategic opportunities.
2. Effective data visualisation
While metrics are crucial, the presentation of data is equally fundamental.
Utilising well designed graphics that simplify complex data enables clients to easily grasp and apply insights for future success. This efficient process of translating data into actionable insights is central to our approach.
3. Ease of access to insights
Intuitive dashboards serve as efficient gateways to real-time results. Providing partners with direct access to a live reporting portal ensures that real-time insights can be leveraged for enhanced strategic decision-making.
By prioritising seamless access to portfolio specific data, barriers to essential reporting are eliminated. This allows for a real-time pulse of accurate performance measures.
4. Data accuracy and transparency
The value of data insights lies in the integrity, transparency and precision of the data. Complete transparency into how metrics are calculated and defined builds confidence and trust in the insights.
Describing data in easily understood terms, devoid of industry jargon, enables efficient interpretation for timely decision-making.
