Data & Analytics: From decision-making to regulatory compliance
How can sensitive and complex data be handled?

Joana Pereira and Rui Alves
Data & Analytics leads at askblue

This question arises in many organizations, but it is central in sectors such as insurance because Data & Analytics allow us to have a broad view of the business and, above all, to respond to the challenges of the moment, from decision-making to regulatory compliance.

Insurers require fast and accurate responses. In an increasingly demanding market, investing in technological solutions means efficiency and maximizing resources, not least because the processing of data – from the moment it enters until it fits a particular purpose – makes it possible to provide up-to-date and highly reliable reports and dashboards that support decision-making.

On the one hand, it is critical to create a data-driven culture within organizations, but there are still examples of intuition overriding the reliability of data. On the other hand, insurers are under increased regulatory pressure, meaning they must act within certain parameters.

In this field, it should be borne in mind that regulators increasingly want to know how data is obtained. Security, GDPR, authorizations, but also deauthorizations – all this comes into the equation. That’s why you need to know the information cycle, who owns it, and never lose sight of that.

Then technology will do the rest. But tools like Artificial Intelligence are only as intelligent as the information that have. Also, many checkpoints must be considered. Yes, technology helps us at various times, but a question must be asked: What is the current data architecture?

Data & Analytics solutions can mitigate regulatory risks and comply with the regulations imposed but also create alerts to have the necessary information that meets regulatory requirements. Other potentialities include knowing the profile and predicting the risk that a particular client entails, using Predictive AI and Generative AI to identify fraud, protect confidential data, or make claims management – a critical part of the job – more effective and faster.

We are in a technological revolution based on algorithms and new work models. Unlike other eras, this one will be faster and change the market. Those who are unprepared may survive; those who keep up with the change have a better chance of consolidating their business and making a qualitative leap in responding to their client’s challenges.