Improve your business fundamentals by changing how you manage risk
Insurance organizations intent on making transformative business changes to retain competitive advantage, need the ability to safely utilize data.
Today, poor data compatibility, governance, and security represent tangible business and automation limiters;together these make it difficult to respond to the potential threat of internet giants like Google and Amazon moving into insurance. Organizations with their data act together will, in contrast to their peers, have:
- The agility to embrace the Internet of Things (IoT)
- The ability to create the customer intimacy required to cross-sell and upsell
- The systems to meet Solvency II, GLBA, GDPR and other data protection regulatory requirements
- The operational efficiency needed to invest disruptively
Maximize Customer Trust and Business Revenue with Protegrity
- Increase policy holder intimacy without risk: In a recent consumer survey by Vanson Bourne, 64% of respondents said they are unlikely to shop or do business again with a company that experiences a breach in which their financial information is stolen. Trust that personal information will be protected is foundational to the intimacy needed to create a single view of customers, identify opportunities to upsell and cross sell, and improve revenues.
- Avoid regulatory compliance issues: Penalties for failure to comply with data protection regulations – which often stipulate that outsourced services are extensions of the insurance company’s operations, subject to the same regulatory oversight – are only increasing, as are the requirements. Fines under the General Data Protection Regulation (GDPR) can reach 4%of global annual turnover, while in the US,noncompliance can even result in the loss of insurers’ licenses to sell.
- Move to the cloud with confidence while protecting policy holder data: The ability to actively manage data and control access to it enables insurers to confidently migrate to the cloud. CEB/McKinsey finds that average cost savings made by doing this, whether it be for bursting or replacement of current data center capabilities, can be as much as 30%.
- Improve business agility: Shifting workloads to the cloud increases business agility, provides nearly elastic capacity and enables innovation. Assured of their flexibility to protect data from robo-advisors, IoT devices, wearables, and other sources, insurers can leverage emerging trends to their advantage.
Largest Fortune Global 500 Insurers protect their data with Protegrity*
Protegrity represents the proven answer to insurers needing to protect their sensitive data. Life and health insurance companies and managed care providers use Protegrity solutions to ensure their sensitive data is only released to customers and authorized personnel, without compromising business processes.
*Based upon Fortune Global 500 Lists released in August of 2016
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