At the heart of every successful campaign is the customer analyses produced by Chubb’s data analytics teams. Chubb's Data Analytics uses cutting-edge technologies to develop and deploy analytics solutions to turn data into effective marketing strategies.
In this interview with Avik Sarkar, Vice President - Head of Consumer Marketing, Digital and Operations Analytics for Chubb in Asia Pacific, learn more about data’s role in the insurance business.
Q: How do you see data playing a vital role in the insurance business?
Advances in technology and rapid adoption by the wider population have led to the increase in volume, velocity and veracity of data. Insurers are increasingly making use of data to improve various aspects of their business, namely:
Q: How is Chubb preparing for this new age of ‘data-driven’ business?
Chubb is heavily investing in data analytics. We employ several hundred data analysts worldwide catering to the needs of various functions in the organization. New tools and techniques are tried and tested at Chubb almost every day. One interesting example is the use of drones to snap photographs of rooftops, which are then analyzed to predict the chance of damage from water leakage. Early warnings like this help customers avoid inconvenience and interruption and also serve to mitigate loss for Chubb.
Having said that, Chubb is very careful in this race of hyper-personalization to not infringe on customer data privacy or violate rules around compliance. Chubb maintains a robust and constantly evolving framework around data governance to ensure compliance with global and local standards for consumer and commercial data privacy laws and regulations.
Q: What will fundamentally change for the customer in the insurance space with all the information that is being harnessed?
The benefits will come from multiple factors, mainly: