Angus Black, Director at BarnOwl Data Solutions
As we step into 2025, the anticipation of a positive year for the industry is palpable.
While optimism abounds, the foundation of this success lies in embracing the digital transformation that continues to reshape the financial services landscape. At the heart of this evolution is one indispensable element: data quality. I recently had a conversation with Tony van Niekerk at COVER about how BarnOwl Data Solutions approaches these challenges and what lies ahead for brokers and insurers.
The digital shift is permanent – Digital transformation is no longer a passing trend; it’s a defining characteristic of the modern business landscape. This is evident in the increasing ubiquity of digital tools—be it the integration of AI-driven copilots into software or the reliance on online platforms for everyday operations.
As a Microsoft-focused organisation, we’ve seen firsthand how tools like AI copilots are revolutionising processes. They enhance productivity by providing more precise answers and reducing the need for time-consuming searches. These innovations underscore the permanence of digital integration in our work and highlight the importance of keeping pace with technological advances.
The Role of Data Quality – None of these advancements would be effective without high-quality data. As Tony pointed out during our conversation, the absence of reliable data undermines even the most sophisticated digital tools. At BarnOwl, we’ve made data quality a cornerstone of our operations. What began as a decentralised task managed by various team members has evolved into a dedicated department focused exclusively on maintaining and improving data quality.
We are tackling complex data issues head-on, collaborating extensively with third-party system providers to resolve intricacies that go beyond basic functionality. A particularly exciting development is our exploration of external data sources to validate and enrich client information. For example, by cross-referencing a policyholder’s details with external databases, we can verify addresses, GPS coordinates, and business registration numbers. This feedback loop not only ensures accuracy but also enhances trust between brokers and their clients.
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Anticipating Future Data Needs – Another critical aspect of our work involves predicting future data requirements. Brokers often collect data they deem relevant today but may overlook what will be needed down the line. At BarnOwl, we take a proactive approach by identifying “later arriving dimensions”—data points that may not seem necessary now but could prove invaluable in the future.
For instance, we’ve recently updated our data specifications to include details on quotes and complaints. While these may not currently be high priority for some clients, we anticipate their importance as the regulatory landscape evolves. This forward-thinking approach allows us to future-proof our systems, ensuring that brokers remain compliant and competitive.
Supporting Brokers Through Technology – Brokers play a pivotal role in the insurance ecosystem, from helping clients make informed decisions to facilitating claims processes and collaborating with insurers on product development. Digital tools have the potential to enhance every aspect of their work.
At BarnOwl, we emphasise the importance of online platforms for simplifying daily tasks. Tools that allow brokers to compare quotes from multiple insurers, track claims in real-time, and manage client interactions through CRM systems are becoming essential. By enabling features like 24/7 chat support and virtual consultations, brokers can expand their reach and improve client satisfaction.
However, as technology becomes more integral to the industry, it’s crucial to remember that its effectiveness hinges on the quality of the underlying data. A broker’s success in adopting these tools will depend on their commitment to maintaining accurate and comprehensive data.
Optimism and Opportunity – As we head into 2025, the economic outlook for South Africa appears promising. This positive sentiment is reflected in the growing demand for our services and the optimism among our clients. While challenges remain, from regulatory pressures to the ever-present need for skilled talent, we are confident that the industry is poised for growth.
The key to navigating this landscape lies in collaboration and innovation. By staying ahead of digital trends, prioritising data quality, and anticipating future needs, brokers and insurers can position themselves for sustained success. At BarnOwl, we are committed to supporting our clients every step of the way, ensuring they are equipped to thrive in an increasingly digital world.
As the year unfolds, we look forward to exploring new technologies, addressing emerging challenges, and continuing our partnerships within the industry. The future is digital, and by embracing it, we can unlock new opportunities for growth and innovation.
Here’s to a productive and successful 2025!