Many insurers may not be able to adopt blockchain in time to retain a competitive advantage, so it’s imperative that every company has a blockchain game plan—and the sooner, the better.
As technology causes premium to contract, the most visionary insurers will change their focus from insuring risks and processing claims to obviating risk and instantly mitigating losses.
Every property insurer must be actively engaged and following the developments in the smart home/property area and must maintain an ongoing conversation with agents and policyholders about their needs.
P&C personal lines are hitting mid-stride in the transformation journey, with plans to accelerate execution as they shift toward the true transformational types of initiatives.
Rather than reinvent the wheel, insurers should look at the lessons learned by the leaders in other markets and apply the knowledge they have gained.
As time-to-market becomes more important, as more systems are exposed to customers, and as application portfolios grow in complexity, QA is more critical than ever.
Several technology trends that have already started to reshape the property/casualty insurance industry over the past couple of years will likely mature and transform the landscape in 2019.
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.