The Asia InsurTech Podcast spoke with Arvind Swami, a director of Financial Services APAC at Red Hat, about the importance of data and the many opportunities advanced data analytics unlock. While data analytics is not a new topic, especially for the insurance industry, the way leading organizations are using it has shifted to enable hyper personalization in response to a dramatic change in customer expectation over the past years.
Arvind talks through how organizations can use data to identify the customer DNA and create hyper-personalized products and services. He covers the challenges involved including compliance, regulation, data privacy and security and explains how to handle the data so it can be used to generate true insights. Arvind believes the large amounts of data traditional insurers have collected over the years gives them a strong competitive advantage over newly launched InsurTechs. The question is, how do you use the data?
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Make sure to check out Red Hat’s Analyst Papers which provide more insights on data analytics as well as cloud computing.
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