How Carriers Can Turn Data Into Opportunity

Let’s be honest – we’re living in the age of data. It blows my mind every time I think about this: 90% of the world’s data has been created in just the last two years. But it’s not just about having data; it is about what we do with it. From my conversations with many of you, it’s clear that data is still under-leveraged in the industry. And that needs to change.

This is the second blog in a series inspired by insights from Insurtech Boston 2025, where some of the most forward-thinking minds in insurance came together to discuss how data is transforming our industry. If you missed the first part, we explored steps that industry professionals can take to help solve the insurance data dilemma. Today, we’re diving into how you can turn that data into tangible opportunities.

Step 1: Own the Data – And the Mindset

Let’s start here. You have to own your data. I don’t just mean owning it in the legal sense; I mean embracing your data as your most valuable asset. Because too often, insurance carriers are stuck dealing with data silos.

According to Google, a staggering 70% of carriers don’t even have their data in the cloud. Instead, they’re trapped in outdated data infrastructure, or even worse, legacy systems that can’t support the volume of data today’s industry demands. And what’s left is a mess of disconnected data sources, blocking your path to real-time insights and data-driven decision-making.

So, first things first:

• Centralize and integrate your customer data using strong data governance principles.

• Break down those silos with robust data integration practices.

• And above all, make sure every single stakeholder – from your sales reps to your tech teams – understands your data strategy.

Step 2: It’s All About the Outcomes

One trap I see repeatedly is the obsession with flashy technologies. I’m as excited about advanced analytics and artificial intelligence as anyone (probably more), but the tech is just a tool. The key is mapping your processes to the outcomes you want.

So, ask yourself: What results do you want?

For instance:

• Is your focus on smarter risk assessment to improve underwriting?

• Are you trying to reduce claims turnaround times through efficient claims processing or automation?

• Or maybe it’s deepening customer relationships by improving customer satisfaction, retention, and meeting customer needs with predictive analytics.

Define your outcomes first, then build the processes and tech stack that delivers.

Step 3: Invest in Data Quality and Adapt for Scalability

Here’s a hard truth: If your data quality is bad, your decisions will be worse. Build out processes that validate your datasets, clean your customer information, and ensure that everything you’re working with is accurate in real-time.

And hey, we’re in the midst of a digital transformation. That means you’re not just adapting to today – you’re setting up a system that’ll grow with tomorrow’s advancements. The insurance sector is moving fast, with a growing reliance on big data, visualization, and real-time data analysis. So, future-proof your operations with scalable tools that can handle increasing volumes of data.

Step 4: Build Better Processes Across the Ecosystem

The beauty of data is that it feeds success across your entire value chain. Insurance companies can leverage data to:

• Hit competitive pricing metrics and optimize premiums for maximum profitability.

• Streamline underwriting processes with better algorithms and predictive modeling.

• Enable faster, foolproof fraud detection using cutting-edge analytics capabilities.

The modern insurance ecosystem thrives on efficiency, which is why digitizing business processes is non-negotiable. From improving claims processing to automating repetitive tasks, leveraging real-time data lets you operate faster, smarter, and with more operational efficiency.

Step 5: Serve the Policyholder, Always

At the end of the day, this entire data strategy is for one primary purpose: serving your policyholders – better, faster, and in ways your competitors haven’t yet figured out. Investing in actionable insurance data and predictive analytics isn’t just about boosting your profitability or creating a competitive edge. It’s about showing your policyholders that you know them. That you anticipate their risks, offer customizable products, and enhance their everyday experiences.

In short: Data, at its best, makes the customer feel like a person, not just a number.

The Takeaway: Data as Your Differentiator

Turning data into opportunities doesn’t happen overnight. It’s a journey of asking big questions, implementing small changes, and staying committed to building a data-first mindset.

Start by owning your data. Begin structuring the unstructured. Prioritize outcomes, not systems. And never forget the human story behind each insight. If we commit to these principles, we’ll build an industry ready to take on the future.

Stay tuned for the third installment in our data series, where we’ll explore redefining the role of agents and carriers in a data-driven world.