CIOs are investing not only in new technologies, but also in developing their organizations’ ability to efficiently and effectively deliver more and better capabilities.
In the case of more nuanced or sensitive issues, in-person conversation, with its combination of verbal and non-verbal communication, can move the discussion forward and improve decision-making velocity.
Thinking about InsurTechs is shifting, adoption of artificial intelligence is warming up, and core system replacement remains the highest priority.
Innovators must lead the way in developing technologies that empower users and set the right safeguards for data protection between technology vendors and insurers.
Given insurance corporates’ love for predictability and certainty what measurable steps may be taken to foster innovation?
So called “weak” AI—such as today’s chatbots—in coming decades will give way to more human-like “strong” AI, which will probably disrupt current business models. How can insurers prepare?
In this era of the primacy of data and information to any insurer’s strategic and operational efforts, it seems just to make sense to treat the management of such a valuable asset in at least the same way as any other strategic asset.
Insurers need to shift from being data “smart” to being able to run intelligent operations that evolve over time and support data-driven decisioning throughout the entire value chain.
We may see an even larger wave of InsurTech capital in the coming years, continuing the upward trend in overall market funding, which has increased for six straight years.
Don’t build your insurance program based on just one technology; instead, embrace openness and leverage open data exchanges to overcome data matching and management issues.