Speaking at the 133rd general meeting of the Ontario Mutual Insurance Association (OMIA), CEO John Taylor issued advice to attendees about the critical need of implementing a comprehensive data strategy.
“The future of the North American consumer economy," he told reporters, "is focused on collecting information about consumers based on their buying patterns and demographic profile,” .
He expressed hope that mutuals will invest heavily in data systems, collaborate on collecting and gathering data, and allow for reciprocal access to information and resources.
He referenced telematics and flood insurance as examples of two sectors that used tech-savvy analytics to enhance offerings and break ground with consumers.
“With insurance products, this reliance on consumer data is even more significant because insurance is based on probabilities, and the more data we have, the more predictive we can become. This allows you to underwrite and set premiums with greater skill. This ability is already becoming a game-changer in Canada,” he said.
He placed added emphasis on the necessity of industry-wide cooperation.
“By aggregating our data as a system, credible and reasonable information can be analyzed and used to improve both individual and company performance, and performance across the system,” he said.
The convention listed additional strategic priorities, including regulatory compliance, understanding consumers, and enriching product offerings.
