The insurance industry needs to pivot from risk aversion to experimentation, and that requires not just prudent management but genuine business leadership.
Over the long term, it’s more often than not that the non-functional capabilities of a system that determine its value and lifespan, and whether or not the company views it as a success, or just another sub-optimal delivery from IT.
Simply building models will not enable effective use of predictive analytics. This four-step process will help position insurers for leadership and longevity.
Some insurers may not be quite ready to flip the switch on blockchain, but given the potential benefits, that is likely to change before long.
InsurTech startups are leveraging the latest advances in machine learning, new big data sets, and IoT sensor data to drive fundamental changes to the insurance value chain and to change what insurers need from core processes and systems.
Maybe it’s time for more insurers to stop looking at the app-centered way banks communicate with their customers as the gold standard and start delivering in the ‘micro moment.’
Technology is the enabler of annuities, and in many ways the product is the technology, so it’s essential for insurers to have the right platform.
With no relief in sight of performance pressure on insurers, companies that can materially improve their results will continue to attract investors and fuel continued M&A activity into 2017 and beyond.
For many legacy P&C carriers, leveraging big data is a significant departure from the status quo and requires a company-wide shift in mindset.
Harnessing data assets and advanced analytics at this stage is the first step to prepare for the coming megatrends of Big Data, artificial intelligence and cognitive computing.