Jeon Gyeong-won, a notable figure in the insurance industry, recently highlighted the increasing importance of big data as companies face mounting competition from insurtech firms. His insights shine a light on how data analytics is reshaping traditional insurance practices and pushing insurers to innovate.
As insurtech companies continue to emerge, they are leveraging advanced technologies to enhance customer experiences and streamline operations. This shift has prompted established insurance companies to rethink their strategies to remain competitive.
According to Jeon, big data plays a crucial role in this transformation. By analyzing large volumes of data, insurers can better understand customer needs and preferences. This analysis not only facilitates more accurate risk assessments but also allows for more personalized policy offerings.
Jeon pointed out that embracing data-driven strategies can lead to improved operational efficiency and customer satisfaction. In a market where customer expectations are rising, leveraging data effectively may become essential for survival.
The emphasis on big data is likely to benefit both insurance companies and consumers. For companies, utilizing big data can lead to more competitive pricing and tailored products. For consumers, this means more relevant offerings and improved claims processes.
However, the transition to a data-centric approach requires investment in technology and training. Insurers that adapt to these changes may find new opportunities for growth, while those that don't could find themselves lagging behind.
Jeon Gyeong-won’s insights underscore a pivotal shift in the insurance landscape, driven by the need to harness big data effectively amid increasing competition. As the industry evolves, insurers must prioritize data analytics to stay relevant and meet the needs of the modern consumer.
Original Source: https://biz.chosun.com/en/en-finance/2025/05/29/O735FVK4FZCPTFKICPUTIW4SJY/