Introduction:
Insurance companies in North America are facing a number of challenges, including the increasing complexity of insurance products and regulations, the growing competition from other insurance companies, and the need to improve customer service and satisfaction. In addition, they are also facing the increasing risk of cyberattacks and data breaches, as well as the growing number of data privacy regulations
In 2022, the average cost of a data breach in North America was $8.64 million. North America is also a major target for cyberattacks, with over 500,000 cyberattacks in 2021. These statistics highlight the importance of data modernization for insurance companies in North America. Data modernization can help insurance companies address these challenges and future-proof their businesses.
What is data modernization?
Data modernization refers to the process of updating, transforming, and optimizing an organization's data infrastructure, systems, and processes to align with modern data management practices, technologies, and business needs. It involves the transformation of traditional or legacy data systems and practices into more agile, efficient, and scalable frameworks that can accommodate the demands of the digital age. This can help insurance companies to:
Improve customer service and satisfaction by providing customers with a more personalized and seamless experience
Increase efficiency by automating manual processes and reducing data silos
Gain insights from their data to make better business decisions
Reduce costs by eliminating outdated systems and processes
How can data modernization help insurance companies in North America?
Data modernization can help insurance companies in North America in a number of ways, including:
Improving data breach and security: By modernizing their data, insurance companies in North America can improve their data breach and security posture. For example, they can use data to identify and mitigate risks, such as outdated software or systems that are vulnerable to attack. They can also use data to monitor for suspicious activity and respond quickly to incidents. Additionally, by modernizing their data, insurance companies can comply with data privacy regulations and protect customer data.
Improving customer service: By modernizing their data, insurance companies can provide customers with a more personalized and seamless experience. For example, they can use data to understand customer needs and preferences, and then use this information to personalize their products and services. They can also use data to detect and resolve customer issues more quickly.
Increasing efficiency: Data modernization can help insurance companies increase efficiency by automating manual processes and reducing data silos. For example, they can use data to automate the underwriting process, which can save time and money. They can also use data to integrate their different systems and databases, which can help to eliminate data silos and improve data accuracy.
Gaining insights from data: Data modernization can help insurance companies gain insights from their data to make better business decisions. For example, they can use data to identify trends in claims, customer behaviour, and market conditions. They can then use this information to make better decisions about product development, pricing, and marketing.
Reducing costs: Data modernization can help insurance companies reduce costs by eliminating outdated systems and processes. For example, they can replace legacy mainframe systems with cloud-based systems, which can save money on hardware and software costs. They can also use data to identify and eliminate unnecessary processes, which can further reduce costs.
How Goavega Transformed Fintech Options Trading with Data Modernization.
Goavega, a prominent player in the fintech industry specializing in data modernization solutions, has consistently enabled fintech companies to revolutionize their operations. Goavega have effectively combined cutting-edge technology and strategic thinking to empower their clients to enhance customer service and achieve cost efficiencies through data modernization.
Challenges
An esteemed US-based fintech company engaged in options trading faced critical challenges that hindered their competitive edge:
Outdated Legacy Application: The company's trading platform was reliant on an outdated legacy application, leading to poor user experience and usability issues.
Inefficient Analysis: Traders encountered difficulties in effectively analyzing trading strategies due to the limitations of the legacy system.
Missed Opportunities: The platform's suboptimal performance impeded traders from making the most of market opportunities across multi-region markets.
Collaboration with Goavega
Goavega worked closely with the fintech company to implement a comprehensive modernization strategy:
Cross-Platform Solution: A cross-platform mobile app for both iOS and Android, alongside a revamped web portal, was developed to cater to the diverse needs of traders, brokers, and financial institutions across different regions.
Monorepo Approach: Goavega leveraged a monorepo strategy, enabling seamless code sharing between the web and mobile applications, maximizing codebase sharing and development efficiency.
Data Modernization: The architecture of the new platform was designed to accommodate real-time data analysis, empowering traders with up-to-the-minute insights to make informed decisions.
Results and Benefits
Upon the successful implementation of the modernized trading platform, the fintech company reaped remarkable benefits:
Operational Cost-Efficiency: The company experienced increased operational cost-efficiency through the elimination of redundant processes and outdated technologies.
Customer Acquisition: The modernized mobile app led to a doubling in customer acquisition, indicating a strong resonance with traders seeking an improved user experience.
Enhanced Functionality and UX: The revamped website showcased enhanced functionality, seamless user experience, and an intuitive UI design, boosting subscription rates.
Data-Driven Insights: The platform's data modernization efforts facilitated real-time data analysis, empowering traders to make swift, informed decisions.
Conclusion
Data modernization is a critical investment for insurance companies in North America. By modernizing their data, insurance companies can address the challenges they face today and future-proof their businesses.
If you are an insurance company in North America, and you are looking to modernize your data, contact Goavega today. Goavega is a leading provider of data modernization solutions for the insurance industry. We can help you to understand your data needs, develop a data modernization plan, and implement the solution that is right for your business.