Cloud technology, new data sources and advances in algorithmic methods are enabling insurers to make speedy progress in simplifying customer experience, improving underwriting and optimizing portfolio performance.
Success in breaking down silo walls requires understanding the requirements of the project and implementing an integration strategy that best meets the unique needs of an insurer.
With data and processing power readily available, insurance companies need to focus on four pillars of AI adoption that will guide them systematically through intelligent AI adoption.
It is key to continue to develop new property-specific features, including defensible space, that give carriers additional insight into risk and allow better segmentation of areas that are also in wildfire-prone regions.
Greenfields innovate quickly and freely, and they combine what’s possible from a new build with the capital resources and savvy associated with an established firm.
Several trends reflected the increasing maturity of the InsurTech movement, as well as either validating or disproving predictions made at its beginnings.
While we don’t know what the future will hold for payments with the evolution of new digital payment protocols, wallets and cryptocurrencies, we can be certain the payments revolution is just beginning.
AAU can significantly reduce the need for separate medicals, repeated questions, lengthy decision-making processes, and drastically increase the speed at which a potential insurer can get a quote and cover.
While cloud migration is not an easy task, it enables insurance companies to shift the IT backbone of the business operations and experience the benefits.
Insurers are navigating a changing risk market must be prudent in assessing the data sources they rely on and identify the right tools to enhance their analytics capabilities.