The huge amount of data managed in the financial sector makes the insurance business one of the most sensitive to the “data economy”. Insurance companies are transforming their business concept, moving from a product-centric model to a system of services designed to meet customer needs, and data has become a strategic asset in understanding those needs. Moreover, since the information assets held by companies are no longer sufficient to give a complete picture of customer needs, the data made available by the market also plays a key role.
And so, a new economy has arisen based on the “monetisation” of data, which has become a new asset, a new currency of exchange, opening up completely new business models.
The new dynamics with which companies exchange and make available their data can be described through three data monetisation models. “Direct” monetisation is the sale of business data, duly processed and anonymised, aimed at generating profit. “Indirect” monetisation means that the data already collected by the company is optimised and enriched with external information, in order to create new businesses or reduce costs. Finally, “ecosystem” monetisation is aimed at developing new business synergies and therefore at sharing data with selected partners.
Google, Amazon, and Facebook are examples of how you can develop and reinvent your business by making the most of your data, but there are other high-growth sectors, such as car sharing companies.
Finally, it is important to point out that the value of data is not determined by the data itself, but by the ability to use it in compliance with the regulations and, above all, to generate value for customers.