In all the reviews of insurtechs and digital transformation (or lack thereof) by carriers & brokers data and analytics/AI often gets relegated.
That's where Amazon holds a trump card- the knowledge of customers derived from the massive breadth and depth of data joined, analysed and given context.
It is within the power of insurers to add to those traditional skills that powered the foundations of insurance. Today, however, they rarely access, never mind analyse, more than 20% of data. And that's just internal data held in data and systems silos. External data is another matter.
Retrieve, join and analyse all this data to combine core strengths with data management and analytics skills for world-class competitive advantage.
Why Amazon is equally feared by incumbents and startups Amazon proves that customer access is more important than product. If you have customer access you can always partner with another company that has the product (such as the company behind the Amazon Protect button). Amazon Alexa’s voice-driven capabilities bring them even more customers at even lower CAC. Amazon is a customer-first company. They will be sure to contrast that with the insurance industry’s woeful customer service reputation. Amazon nightmare for incumbents: