It’s reasonable to fear the competitive power of Amazon, but here are some questions you should ask yourself in order to formulate your strategy in a world where Amazon may become an insurance industry player.
The TBYB model speeds UBI adoption by offering drivers a smartphone application that gathers driving data, giving insurers a way to understand risks before insuring a driver.
No matter an insurer’s data quality approach, at some point something will go wrong, and that’s where a sound data quality detection approach is critical.
Mirroring the four-step process of a product development lifecycle provides a best practices blueprint for overcoming the many obstacles associated with implementing predictive modeling in small commercial insurance.
Insurers are building upon core modernization investments and embracing innovation as the cornerstone for change and transformation. So, what’s next for the industry?
Technology changes faster than culture and practice at most insurance companies—insurers that want to fully leverage the capabilities enabled by emerging technology should look at their products and processes in the light of new technical, market, and customer realities.
Whether motivated by the need to comply with legislation or the desire to provide an excellent customer experience, there are compelling reasons why insurers need to make all documents accessible to the blind and partially sighted.
Insurers’ challenges are related to larger data volumes, the speed of the data, the complexity of the data, and also the need to turn this data into insights that improve workflow and have a positive impact on customer experience.
The value propositions for insurers include simplification, agility, and access to better data and analytics; for the platform provider: revenue and the ability to build new kinds of service offering by itself and with platform partners.
Despite being slow to change and often hindered by legacy IT and regulation, insurers must catch up to other industries to build resilience into their systems and become data-driven businesses.