Several trends reflected the increasing maturity of the InsurTech movement, as well as either validating or disproving predictions made at its beginnings.
While we don’t know what the future will hold for payments with the evolution of new digital payment protocols, wallets and cryptocurrencies, we can be certain the payments revolution is just beginning.
AAU can significantly reduce the need for separate medicals, repeated questions, lengthy decision-making processes, and drastically increase the speed at which a potential insurer can get a quote and cover.
While cloud migration is not an easy task, it enables insurance companies to shift the IT backbone of the business operations and experience the benefits.
Insurers are navigating a changing risk market must be prudent in assessing the data sources they rely on and identify the right tools to enhance their analytics capabilities.
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.