In today’s digital world, data has become the driving force for breakthroughs across every sphere of business. Consumers are benefiting from more dynamic, responsive, and personalized services. While organizations are achieving more as well, using innovative technologies—such as artificial intelligence (AI) and data analytics—to collaborate internally and externally, improve predictions, and empower employees. All for the benefit of their customers.
Let’s think of the recent hurricanes that have made landfall. Now imagine an insurance firm that uses data to play more than a transactional role in its customers’ lives, especially in times of crisis. After such natural disasters strike, people need insurers who are proactive, helping to rebuild their lives. Loss adjusters need be on the scene quickly, even if roads are closed and accommodations scarce.
Using drones to capture images in hard-to-reach spots and augmented reality to create 3D models of damaged buildings, adjusters can stay safe while collecting detailed claims data. Seamless internal processes enable close collaborations between partners with everyone working towards a common purpose: to improve the customer experience.
But it doesn’t end there. With AI and computer vision technologies trained on large volumes of loss data, videos, and images, digital technology will determine building construction type, detect wear and tear, and estimate damages based on previous claims.
As these developments start to happen at scale with insurers combining new data with insights from claims professionals, insurers will process claims more accurately and faster. And—most importantly—victims of catastrophic events can get back on their feet faster. For the industry as a whole, this means firms will move from managing claims reactively to becoming customer-focused, agile, and proactive.
It also represents a new level of business engagement, ensuring sharp foresight, rapid response, and fast problem-solving. In fact, these are key attributes of an instinctive enterprise, the next generation of advanced businesses, which combines innovative technology and data with human ingenuity and expertise to function like a living organism, reinventing business models and amplifying workforce potential.
With the ability to draw on vast levels of data and the experience of its people and partners, these organizations can uncover business opportunities, unlock insights, and transform the customer experience. All at lightning speed.
“Companies spend a lot of resources on extracting, cleansing, and compiling information. Then, and only then, can they actually interpret that information—so that analysis often falls far short,” says Kathryn Stein, chief strategy officer at Genpact, the global professional services firm. “The power of an instinctive enterprise is in its ability to quickly tap into the business’ data and knowledge and generate predictive insights.”
These capabilities signal a transition toward more unified processes, systems, and data structures in which the workforce can make decisions quickly, recognize mistakes, and correct and adapt as necessary.