Survey shows growing demand for customer analytics in Asia

A magnifying glass in front of a book

A Post survey shows the uptake and pace of customer data analytics for Asian insurance firms is on the rise.

According to the survey of senior IT professionals at brokers, insurers and reinsurers, many companies in the region are hoping to increasingly shape their businesses around customer insights. Tools such as customer relationship management software Salesforce and Google Analytics are allowing firms to start predicting buying behaviour, claims experience, product profitability and make business improvements.

John Brisco, chief information officer and chief operations officer at Manulife Asia, commented: "This [Salesforce] has enabled us to attain cutting-edge, real-time insights into customer/adviser usage patterns, marketing campaign effectiveness and social media traffic performance."

Although the uptake is slower, real time analytics, the cloud and mobile analytics are all creating opportunities for insurers to use data to benefit both their customer experiences and bottom lines. Wearable devices and social media are also making data which firms can act upon.

Brisco told Post: "Looking longer-term, the real excitement in our analytics strategy will be to provide personalised analytics that are accessible anywhere and anytime to our customer base across Asia."

As a result insurers are looking to recruit data scientists and technology experts in mobile and cloud related services although talent being particularly hard to find in Asia.

However more data means more risks. Privacy laws and cyber attacks mean firms need to carefully comply with data rules specific to each country and invest in security.

"In the past, data security has traditionally been an afterthought – now it needs to come first," says David Tam, chief information officer at Liberty Insurance Singapore. "We need to be sure that the cloud providers have strong security standards, but they are not all very transparent about the models they use."

The full findings and insights from the survey  available in a Post whitepaper in association with Equinix titled: The Future of Insurance Technology: Customer data and analytics available at our whitepaper resource www.insurancehound.co.uk.

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@postonline.co.uk or view our subscription options here: http://subscriptions.postonline.co.uk/subscribe

You are currently unable to copy this content. Please contact info@postonline.co.uk to find out more.

Lack of trust in telematics hampering potential

After a survey found only 8% of respondents had received any communication from insurers about adopting telematics-based insurance to help reduce premiums, Fairer Finance’s James Daley said “telematics still doesn’t seem to be fulfilling its potential”.

Q&A: Simon Axon, Teradata

Simon Axon, global financial services industry director at Teradata, explains how general insurance providers are lagging behind banks in making the most of their data and why Amazon’s style of operating should inspire boards to back investment in digital transformation.

Most read articles loading...

You need to sign in to use this feature. If you don’t have an Insurance Post account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here