Insurance carriers that are able to anticipate change and incorporate it into their data collection and transaction processing early will benefit from better outcomes of machine learning and artificial intelligence algorithms.
Insurers must clarify the respective responsibilities of CIOs and new leaders such as Chief Digital Officers in order to optimize their digital transformation efforts.
The insurance organizations who rethink this process from the outside-in customer perspective will be positioned for market growth.
SMA has identified five prevalent distribution strategies that are currently deployed by small business insurers.
As the commercial insurance market grows, insurers are applying digital and data-related technology solutions to develop new products, expand distribution, and optimize underwriting for greater profitability.
As parametric insurance picks up pace, it will begin to overtake traditional insurance products across various sectors and enable a wide range of e-businesses to play in the arena.
For modern insurance companies, test automation is key to ensuring smooth customer experiences and keeping loyal customers.
Computing-based innovation, driven by ever cheaper technology will continue to double in ever shorter periods of time, with profound implications for the insurance claims process.
Insurer IT leaders should showcase high-value use cases from the outset to bolster support from the leadership team, ensure data and analytics stay top of mind, and realize benefits early on.
The path forward is clear: embrace and implement architectures that reinforce Agile principals and create a much better foundation for a dynamic enterprise of the future.