How to Help Solve the Insurance Industry’s Data Dilemma

Did you know that many insurance brokers, agents, and wholesalers still don’t have their data in the cloud? Yep, you read that right. And some of that data isn’t even stored anywhere useful. It’s sitting in siloed systems, inaccessible, gathering metaphorical cobwebs.

But here’s the good news. We’re finally at a point where tech exists to help resolve the industry data dilemma and use it for good. And Insurtech Boston 2025 was a wake-up call that we need to stop messing around and start creating value NOW. Kabir Syed, Rory Yates, José Luis Bernal – they all nailed it on stage. Their perspectives didn’t just give me hope. And if we apply their insights? Let me tell you, we could be unstoppable.

Let’s look at some of the key messages and discussions we had at Insurtech Boston this year.

Why the Industry Needs to Step Up Their Data Game

Insurance organizations have mountains of insurance data, but instead of treating it like the goldmine it is, a lot are stuck managing it like some annoying pile of paperwork. The result? Missed opportunities, legacy systems holding you back, and let’s not forget the new kids on the block – tech players who know how to use advanced analytics and machine learning to push innovation faster than you can say "policyholder premiums."

The problem isn’t the data sources themselves. We’ve got them. It’s the fact we’re not looking at the data governance frameworks, the systems, the metadata management – the whole lifecycle – to unlock its true value. The issue often concerns data quality and the lack of a robust data governance program to ensure all that juicy data remains reliable, structured, and impactful. And without data integrity? Forget about making informed decisions or a solid pricing strategy for your customers. You might as well play darts blindfolded.

What’s the Fix?

If you really want to move the needle in the insurance industry, here’s a blueprint:

1. Start with Purpose

No one needs data for data’s sake. You need high-quality data assets structured around outcomes – better customer experiences, improved risk assessment, streamlined claims processing, or even new product innovation like usage-based pricing models. Think about the business outcomes you want to achieve, like cutting waste in underwriting or improving operational efficiency, and work backward from there.

2. Get Strategic About Systems

You don’t need to throw a bunch of money at 15 disconnected platforms. Instead, invest in technology that activates your data assets. Think automated processes that cut through data silos. Tools that help with data lineage (so you know where the data is coming from), access controls (because we’re also talking about sensitive data here), and data catalogs for clear organization. If you’re still clinging to those legacy systems because internal workflows are so ingrained in them, it’s time to develop a plan to migrate to more modern tech.

3. Prioritize Governance, Security, and Privacy

Regulatory requirements, data privacy, and avoiding data breaches are non-negotiables. This is where your effective data governance policies come in. You need guardrails – solid validation processes, regular audits, and yes, data stewards – to ensure sensitive information is protected and actionable. Why? Because policyholders don’t care about excuses, they care about results.

4. Leverage Talent (Before You Lose It)

José Luis Bernal hit the nail on the head at Insurtech Boston when he said the talent crisis is real. Underwriters with decades of wisdom are leaving, taking all their hard-earned knowledge with them. By implementing systems to automate the capture of their expertise (think artificial intelligence as your “weapon of mass discovery”), you bridge the gap AND amplify what they know for future generations. This is how data governance programs, combined with machine learning, build your bench strength for decades to come.

5. Streamline and Deliver Transparent Value

Insurance companies that succeed don’t just gather data. They use it to deliver real-time results. Whether it’s fine-tuning your premiums, optimizing risk management insights for customers, or even offering actuarial tools that help predict claims, data-driven decisions get it done.

The Why Behind Your Data-Focused Initiatives

For too long, we’ve been chasing bright shiny objects like next-gen customer apps without handling the basics like data governance strategy, data access optimization, and improving data security. But here’s the truth: When you commit to initiatives that improve data management, increase metrics reliability, and empower better decision-making, everything else falls into place.

So let me leave you with this thought: Reclaim your goldmine. Stop wasting time and start making bold moves to bring structure, strategy, and transparency to your insurance data. Use tools like artificial intelligence to uncover insights faster, prioritize data integrity, and create systems that scale far beyond today’s regulatory compliance hurdles. Because when you do, you don’t just unlock value, you redefine what success looks like for your customers, your teams, and the entire ecosystem.

The tools are here. The technology is better than ever. Insurance organizations that double down on an intentional data management plan will outpace the competition faster than you think. You’ve got this. Let’s make it happen.

Cheers to unlocking the future one dataset at a time! Look for more data insights from us soon.