The Data Strategy of Innovation with Aarti Gupta, Amazon Web Services (AWS)
November 7, 2023 | Verisk Marketing Solutions
We recorded this special episode of The Marketing Rapport live at the VIA 2023 Consumer Insights & Experience Summit. Host Tim Finnigan talks with Aarti Gupta, the Head of Insurance GTM/Business Development for North America at Amazon Web Services (AWS), about the importance of a foundational consumer data strategy.
Known for her data-driven prowess, Aarti started her career as a data scientist with Progressive Insurance before moving to Allstate. Now at AWS, she works with both property and casualty insurance and life insurance companies to drive cloud adoption and harness the power of their data.
Aarti emphasizes the challenges faced by so many of today’s data-rich organizations, including the paradox of having vast amounts of information but no way to convert it into actionable insights. She also stresses that companies need to better understand and address evolving customer expectations in the digital era.
Read on for Aarti’s takes on the necessity of a strong data strategy, the future of customer engagement in the insurance sector, and more.
Tapping the True Power of a Data Strategy in Insurance
Insurance and financial services companies have access to a wealth of consumer data. If harnessed correctly, this data can drive significant transformation. According to Aarti, this potential is a big “if” when you consider the inherent difficulties related to both accessing data and using it to power better decision making.
Her suggestion? “To really gain those insights, you need to have a solid data foundation,” she said. Specifically, she points to how companies can use a cloud-based data architecture to move swiftly and centralize their data. This not only aids in leveraging the data effectively, but it also drives desired business outcomes along with growth.
Innovating and Experimenting with AI and Beyond
When it comes to data, Aarti urges companies to lean into a culture of innovation and experimentation—advice that further underscores the importance of a forward-thinking data strategy.
“We can all keep sitting here talking about data and how to use it,” she said. “But the real value is in getting out there and doing it and finding those proofs of concept, experimenting, learning from the experiments, fine-tuning, and building on the results.”
As an example, she mentions how AI and machine learning can help businesses achieve greater efficiencies and gather more intel. “AI machine learning models can extract relevant information and interpret the data, which really speeds up business decision making. This same use case can apply to insurance claims as well.”
Meeting Customer Expectations
Aarti also stresses that insurance companies need to keep pace with changing customer expectations and consider factors such as the demand for more personalized experiences and generational differences. For instance, older customers may prefer personal interactions, while younger ones opt for digital experiences.
“Insurance companies and financial services organizations just cannot continue to ignore the experience that all of us as customers are having in the broader landscape,” she said.