Life insurance consumers increasingly don’t value or connect with their carriers, and current technology trends won’t help. Left unchecked, this problem will make it difficult for the industry to fend off challenges from more emotionally-savvy competitors.
It is not as if there have never been new entrants or that companies from other industries have ignored insurance, but the flurry of new activity and innovative partnerships, investments, and market approaches may represent a bigger trend.
Companies that successfully transform place in the top quartile of their industries, but more importantly, digital can help insurers to better support the all-important duty of protecting policyholders’ dreams and restoring lives.
SMA’s recent report, Emerging Tech in Commercial Lines: Ramping Up Adoption, covers eight emerging technologies that hold great promise for commercial lines organizations.
The core system of the future will address a variety of decision-making needs, allowing employees to focus on strategic work versus more administrative tasks, driving better outcomes for insurers and policyholders alike.
As insurers struggle to replace retiring professionals, outsourcing data management can provide access to AI and other kinds of technology-driven automation.
Reporting live from InsureTech Connect in Las Vegas, SMA’s Mark Breading interprets the stunning success of the show and gauges the status of the InsurTech movement.
Some of the largest insurers are using end-to-end drone solutions, intelligence tools and detailed plans for deployment in order to get ahead of storms like Florence and streamline the claims process.
Claimants’ desire to connect with a person who can reassure them that they will be made whole again is unlikely to go away, but technology can inject new efficiencies into human processes.
Despite more than two decades of experience, the impact has not been fully felt—the continuing adaptation of the industry to the Internet will dwarf the impact of any other emerging technology.