As the art of underwriting becomes less important than the science of underwriting, customer experience becomes more of a differentiator.
The specificity of commercial lines business is precisely why insurers in this sector are poised to become the beneficiaries of new tech-driven efficiency gains up and down the value chain.
Transforming user experience and eliminating human error using intelligent software robots, process intelligence, and mobile capture.
Five common steps offer the opportunity for seamless digital engagement.
Implementations for non-core systems follow many of the same best practices as for core systems but with a few tweaks for scale and scope.
In order to execute a successful digital strategy, insurers need to decide how digital can reinforce their existing strengths, rather than attempting to use it to become something they are not.
The notion that AI replaces human workers is oversold. Technologies such as RPA, machine learning and NLP aim to complement human activities, not replace them.
Drones will become increasingly important for underwriting and claims, and will also provide an incentive for job-hungry millennials to join an industry with a severe recruitment challenge.
Insurance executives agree that their companies need the capacity to continually reshape the customer experience to meet rapidly changing customer demand.
Lower frequency of workers’ comp claims is driving rates down while severity is climbing, but real-time predictive analytics can help insurers to remain profitable.