Data-driven Insurance - Data Culture and Data-driven Mindset

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Data-driven insurance (DDI) is not just about data and the resulting added value, but also about people.

With regard to employees as a valuable part of the insurance company, a classic change management process that is used, for example, to implement new structures, strategies, processes or behaviors and paves the way for change within the organization is not enough. The transformation to a data-driven insurance company requires a new awareness of a data culture that affects every individual. A mindset must be created that leads to the value of information derived from data being seen and action being taken based on data.

People are affected in several dimensions - both as individuals and as part of a structural organization.

Organizational Change
Data-driven insurance makes its decisions based on data and the models generated from it. The use of data goes beyond company boundaries and traditional company structures are becoming completely blurred with cayman islands consumer email list​ regard to the use of data and the implementation of business models. This blurring also has an impact on the organization and its collaboration. Silo structures and the separation of specialist departments and IT departments must be dissolved in order to achieve better collaboration through interdisciplinarity. The creation of cross-functional teams is just the beginning. Data-based business models know no departmental boundaries, so support through a professionally managed change management process is essential. Employees need a framework within the change process in order to be able to deal with uncertainties on the one hand and to provide impetus on the other. This leads to active participation by employees.

data-driven mindset
The availability of information within a data-driven insurance company enables every employee to access the data that is relevant and visible to them and to make decisions on this basis. This requires training in how to handle data in order to ensure correct analysis and careful use of the information, as well as to be able to solve problems quickly using key figures.