How Insurers can Unlock Historical Data for Business Growth

This article, written by GRAX CEO Joe Gaska for PropertyCasualty360, discusses why insurers should rethink their use of historical SaaS data to leverage it as more than just a backup.

Source: PropertyCasualty | Credit: Cifotart/Adobe Stock

Insurance organizations have always relied on data for processes like underwriting and risk assessment and are likely using historical data for regulatory compliance and security. However, they may be missing out on the potential their history can hold for driving business growth in the future. This data is increasingly found in cloud applications such as Salesforce, but accessing it for reuse can pose challenges. Vendors only allow clients to make a certain number of API requests within a certain timeframe, resulting in restricted access or overage fees. To be able to reuse historical data outside of the SaaS app itself, insurers must reclaim ownership of their data by storing it in their own secure cloud data lake. This way, they can then stream it into tools such as Tableau, Redshift, QuickSight, SageMaker, Snowflake, and others to gain actionable insights.

Key Takeaways:

  • Historical data from SaaS apps is a living record of mission-critical actions taken and decisions made and can help to predict customer patterns and market trends to propel success.
  • Right now, this data is siloed and locked away, but by prioritizing SaaS data ownership and access, companies can put it to use anywhere, anytime, using popular analytic solutions.
  • Reusing historical SaaS data is easier than you might think and allows insurance companies to make better decisions and take more effective actions.

Learn more in this PropertyCasualty360 article.

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