The Reuters Insight business intelligence platform has launched with the insurance industry as the first sector being covered on the platform.
Reuters Insight is gathering information relevant to strategic investment in operations technology from more than 500 insurance industry companies from the U.S. and the EU. “The platform helps executives to predict the success of future technology investment and see how their peers responded to technology investments,” says Emma Sheard, managing director, Reuters Events Insurance. “It can help forecast ROI to secure a buy-in or investment from management.”
The data from insurers is anonymized on the platform but can be broken down by the firm’s size, type and location, so a user can see data on technology investment from similar companies. Reuters Insight can also indicate whether this data is from firms that have installed a technology or not, to add context to their perceptions.
“The executives we speak to are in the middle of making long-term strategy and want to build on a foundation of what their peers are doing well,” says James Vincent, senior director of innovation and market development at Reuters. “So when they set their strategy, they know the needle movers that will have strong impact on their corporate objectives. They can gain insight into what innovators are doing well, and how they are leveraging innovation or technology to generate competitive advantage.”
The platform has launched with dashboards of data about AI and analytics technology options for insurance companies, including effectiveness, return on investment and attitudes, along with white papers and articles about data and AI for the insurance industry.
For instance, Reuters Insight slices and dices data from nine answer choices to one question, “Which technology delivers the best ROI?”: analytics & AI, automation, CRM systems, claims management systems, digital portals, cloud storage, payment technology, chatbots and IoT/sensors/telematics. A user can see the overall percentages of responses for each item, or a bar graph comparing the responses of those who had invested in a technology with the overall group. The platform also adds in another question response for bar graph comparison – the percentages of those who plan future investment in one of those technologies, plus another breakdown of the same question and answers for those who identified themselves as early adopters of the technology.
Reuters plans to add more data from more surveys of insurance executives on other topics in August. “We will refresh this data a couple times a year over the next few years,” says Vincent. “This will build trend data to interrogate.”
Reuters Insight will expand to cover industries and areas, including pharmaceuticals, automotive, sustainability and supply chain issues, according to the company.