Automated loss runs, simple auto-prefill, predictive analytics and other tools can accelerate workflow while reducing human errors.
While a conservative approach can serve business well in some circumstances, in the current climate too much caution could lead to insurers being replaced by forward-thinking competitors and newcomers.
In a market as highly competitive as insurance, no one can afford to lose the loyalty of direct customers or of brokers through not providing the level of digitalization they expect.
The ultimate cause of the recent spike in announcements by Telematics Service Providers is their identification of a wide range of opportunities to significantly monetize the related data.
The real revolution in customer experience, and the real payoff of modern core systems and data capabilities, will come when the company and the back office processing are organized in a way that enables a full engagement of the back-end with the front end.
Continuing to rely on systems and technology from previous eras won’t ensure the desired ultimate results—growth, competitive advantage, loyal customers and productive employees.
Sensor-driven predictive maintenance (PdM) is an ongoing maintenance approach that does away with the “run to failure” mentality that costs both insurers and manufacturers money.
Three ways AI will enable insurers to derive new insights out of the immense quantities of data captured via IoT devices and stored and manipulated within a big data environment.
With the proper planning and execution, any insurer’s non-core systems should be humming as well as any of their core systems—perhaps even better.
The storms bear lessons about how technology can help not only to resolve claims to benefit policyholders, but to play a role in improving the relationship between insurers and the public more generally.