The Data-Driven Culture: Why It’s Crucial for the Future of Insurance
As the insurance industry continues to evolve, one thing is clear: data is becoming the foundation of every critical decision. But data alone isn’t enough to drive success—culture plays a pivotal role in how organizations use it.
In his latest whitepaper chapter, Saki Thethy, Head of Data at Ascot Group, explores how cultural shifts in data management are transforming the industry. Drawing from his vast experience across the Lloyd’s market, Saki takes a deep dive into the interplay between team culture, technology, and data.
From Siloed Teams to Innovation Drivers
Historically, data teams operated in silos, focusing on maintaining compliance and completing repetitive reporting tasks. But as Saki explains, today’s landscape demands more. Data is no longer just a back-office function—it’s a strategic asset that can drive innovation, efficiency, and better decisions.
In the insurance sector, this shift is especially significant. As companies integrate more sophisticated tools like AI and advanced analytics, data teams are being called upon to collaborate across functions, helping to optimise underwriting processes, predict risks, and enhance overall business outcomes.
The Balancing Act: Offensive vs. Defensive Data Strategies
Organisations now face the challenge of balancing offensive and defensive data strategies. Defensive strategies, such as maintaining regulatory compliance and data security, are critical. However, offensive strategies—those focused on leveraging data for competitive advantage, customer insights, and innovation—are becoming just as important.
Saki discusses how organizations can foster a culture that supports both. It’s not about one or the other—it’s about finding the right balance to unlock the full potential of data.
AI & Advanced Analytics: The New Frontier
One of the most exciting developments in data management is the rise of AI and advanced analytics. Saki highlights how these technologies are transforming the way insurers model risks, predict outcomes, and make decisions. It’s no longer just about collecting data—it’s about using it to drive real-time insights and smarter decision-making.
But this shift requires a change in mindset. Data teams need to be adaptable, open to innovation, and ready to embrace the potential of AI. This cultural evolution is key to staying competitive in an increasingly data-driven world.
Building a Collaborative, Data-Driven Culture
Ultimately, the success of any data strategy depends on the culture that supports it. Saki emphasises the importance of collaboration across functions, continuous learning, and leadership that champions data-driven initiatives.
A truly data-driven culture isn’t just about the technology—it’s about how teams work together, share insights, and stay agile in the face of change. By fostering an environment where data is seen as a critical asset, organisations can better position themselves to adapt, innovate, and thrive in the future of insurance.
Interested in how your organisation can build a data-driven culture? Download the full whitepaper chapter for Saki’s insights and start transforming your data management practices today.