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Data - What is it?

Data - What is it?

October 2021 by Josh Jennings
Industry Insights Graphics

​Data is, for some, a phenomenon. What do you mean data? What is data?

It’s a date, a name, a string of numbers, currency, it comes in many forms like lines of code but what on earth does it have to do with Insurance?

The answer is a lot. Insurance businesses store a significant amount of data from different sources for different purposes but understanding that is just the start of why data and, most importantly, good practices and processes are pivotal for any successful Insurance, or Financial Services, business.

Why do you need it? Well, do you need to know when that policy was taken out? Do you want to know where your majority customer base is located? Do you want a yearly report presented in a clear and colourful way? You need data for that. Depending on the size of your business, you will have managed all of this in your own way and with that, you will have certain options to help improve your understanding of data and how to utilise it.

Data management is a growing topic, specifically on how businesses can improve in this area to boost growth and profitability. There are many solutions to do just that – 3rdparties, growing an internal data team, interim consultants to help build a strategy, all dependant on business goals and budgets.

Take Lemonade for example. They are a US based Insurance start-up (for belongings and family cover) and have set a nye un-beatable record for the fastest ever claim – 3 seconds. With no paperwork! Immediate access to data for both business and consumer have resulted in a rapid and smooth resolution for an otherwise more complicated matter.

How did they achieve such a success? Investing in people. People that can do what you need them to do and ultimately, have respect and understanding of exactly what technology can do for you and your business.

I won’t bang on about this but it’s testament to what the Insurance industry can really achieve. The London market can take great lessons from this particularly if they are working towards a more agile and accessible data practice. But what do they need to be doing to get there?

I guess that’s where I come in. As a consultant in this market specifically for helping businesses hire data and BI professionals, I’m in a unique position where I speak to dozens of individuals per day obtaining infinite market intel and an in-depth understanding of exactly what’s happening in this area. This gives me all the tools I need to help Insurance businesses understand what they need and fulfil their requirements. Be it a firs-time hire, an addition to a growing team, or generating leads and introducing niche software solutions providers.

So, to summarise, data is fundamental for success with any Insurance business. Data is a source of understanding and a way to map out the next 3, 5, 10 years of the future. Most importantly, it’s a way to exceed expectations of current and new consumers.

We all have data. Its what we do with it that matters.

About our author:

Josh thrives on networking and building strong relationships with his clients. He heads up the BI, Data and Business Change function within Finitas.

Josh works exclusively with clients in the Lloyd's and General Insurance market by supplying market experts with a wide range of niche skillsets both in contract and permanent requirements.

If you’d like any help in your job search or would like to discuss your hiring needs, please get in touch withJoshtoday j.jennings@finitas.co.uk