How valuable is insurers’ data really? More than you can imagine
In God we trust, all others must bring data. – W. Edwards Deming Everyone is talking about data all the time. “Data is the new oil,” is one of the most famous clichés among data-oriented people who don’t actually understand data science. 1)Listen to this podcast to understand the point. This data talk is a form of mass illusion as collecting data is very different from actually deriving meaningful and valuable insights from the data available. Many people have emphasized the importance of data for the future of insurance business, and there probably is n. It also looks like that insurance companies and their senior executives are constantly talking about business intelligence (big) data, data analytics, data mining, and data science. 2)Sure, consultants are talking about this a lot too. Every insurer recognized the importance of data management and data analytics. According to SMA’s research, over 90% of insurers have…
Nordnet launches Robosave: Where is the Nordic digital wealth management heading next?
On last Thursday, one of the largest Pan-Nordic online banks, mutual fund distributors, and stock brokers Nordnet Bank AB unveiled its new robo-advisory service for its Swedish clients. The new independent robo-advising service is called Robosave, and this move signifies a new strategic direction in Nordnet’s overall story. Nordnet has a long history, alongside its main Swedish-only competitor Avanza, of continuously launching new innovative financial services. In the past, Nordnet’s value proposition, as has been noted by Pekka Puustinen in his great book FinancialServiceLogic: In the Revolution of Exchange in Banking and Insurance, has revolved mainly around the promise of functional value (and associated benefits). Nordnet has focused primarily, but not exclusively, on streamlining internal operations, extending the benefits of its various services beyond the plain vanilla retail brokerage (e.g. trade capture, clearing & settlement, and reporting) – all that are essential hallmarks of a value proposition constructed around the promise…