Businesses that embrace this new world of harnessing all their data will unlock value that would otherwise be lost. They will also better serve their customers and shareholders and withstand an onslaught of digitally-native competitors.
Insurers will have access new data sources and analytics tools available for risk assessment and risk management, increasing exposure to cyber risk, and new ways to communicate with customers and partners.
Insurers have breathing room on fully autonomous vehicles, but viable smart home/property solutions are proliferating and speech recognition has achieved human parity.
AI will support ‘prevention and mitigation’ as an industry standard aimed at two of the greatest social and insurance challenges: cyber and natural catastrophes.
Taking the time to vet third-party payment providers based on their ability to prevent data theft is critical to protecting the value of an insurer’s investment and relationship with its customers.
In a more virtual world, socially efficient ecosystems will generate more customer loyalty than bricks and mortar, big advertising budgets or legacy insurance brands.
Insurers seeking to gain or maintain competitive edge can tap into the rich possibilities of sales performance management data to discover how it can help their business.
While much innovation has focused on distribution and underwriting in recent years, claims is destined to transform more than any other area of the insurance business.
The real measure of innovation is when underwriters are forced to think outside of traditional policy constructs, driving all other participants in the value chain to follow suit and adapt.
When financial institutions design processes and solutions to meet operational or other internal criteria—taking little or no account of how they impact customers.