Blockbuster, Kodak, Myspace…These are just a few of the companies that we like to point to as real-world examples of organizations that fell victim to the ‘gradual and then sudden change’ caused by disruption.
- Am I correctly estimating the market?
- Am I correctly estimating my market share?
- Where can I grow my business?
- Where am I losing business?
As the leader in modern insurance technology, Vertafore takes its position as a thought leader in the industry seriously and goes to extreme lengths to research and educate its customers about how they can use technology to their competitive advantage.
It’s this dedication to problem solving and intense customer research that led Vertafore to its partnership with Birst.
Feedback and (most importantly) data from our customers revealed three big problems that needed to be solved to enable insurers to remain competitive. So are designing tools to help the industry tackle disruption.
It’s 2016 – It’s time to democratize data
Data, data, data. Google processes over 40,000 searches a second (no seriously watch it live here). Do you ever feel like you’re drowning in data? Overwhelmed with spreadsheets, unsure of the next step, and paralyzed instead of confidently taking action. It’s happened to all of us. This influx of data is affecting almost all organizations in all verticals – but it is especially complex in the world of insurance, where carriers and agents have massive amounts of user data coming from a mind-boggling number of sources.
Our goal is to harness big data to create applications that synthesize data and produce valuable, actionable insights that empower professionals to make decisions. Data can no longer exist solely with the BI analyst or IT team. Instead, data needs to be democratized and readily available to everyone in your organization, so they are empowered to make decisions.
Role-based dashboards were a natural fit. By providing users with a snapshot into key metrics that track the health of their business (across all devices) they spend less time compiling data and more time driving the strategic direction of their business.
Our research has found that businesses that utilize big data analytics make important business decisions 5x faster.
You don’t know what you don’t know (hint: we know!)
As data continues to democratize and the industry as a whole gains access to more affordable technology, we wanted to make sure we were giving insurers a competitive advantage by providing them with analytical insight into the broader market and industry benchmarks.
With the largest user base in the industry, Vertafore has quite a bit of data itself. In fact, we’ve worked with Birst to build tools that enable users to blend data from Vertafore’s products with their own internal and external data.
Ultimately, helping organizations answer questions such as:
Also, giving insurance organizations unique insight into their performance across different markets.
Big data analytics is the key to unlocking consumer insights in real time
Most importantly, we believe a core part of the disruption happening in the insurance industry will involve a shift from a product-centric approach to a customer-centric approach that puts the needs of the customer at the heart of the of the organization’s strategy.
The big data fire hose has been turned on. We have the ability to access data in real time, but the real challenge is having the proper tools that enable you to sift and splice your way through the data to uncover actionable consumer insight.
This is not always a linear conversation. Businesses still have to know their industry, there’s no magic 8 ball of product development. This is what makes these tools even more important. They have the ability to affect an organization’s speed to market, which is a true competitive advantage in our era of digital disruption.
Big data is the key to unlocking consumer insights in real time. Birst and Vertafore are determined to continue developing tools that help the insurance industry make the most of their data (and ours).
If you’re interested in learning more about how you can move your business forward with data analytics, I have great news. Vertafore and Birst have teamed up with Brandon Purcell, Senior Analyst at Forrester, to produce a top-notch webinar with actionable insights on this exact topic. Even better news, you can watch it right now:
Hope you enjoy!
Guy Weismantel is the Vice President of Marketing at Vertafore. With 20 years of marketing and financial leadership in companies such as Microsoft, Business Objects, Baxter HealthCare, Caremark International, and Expedia, Guy’s career has focused on bringing differentiated products to market and providing the “compelling reason to purchase” for customers and prospects alike.
Guy has a Bachelor’s Degree in Accounting from the University of Notre Dame, and a Master’s Degree in Business Administration from the Kellogg School of Management at Northwestern University.