Here are four practical considerations decision-makers should apply to qualify if a vendor or partner can truly deliver that digital transformation and business impact.
Parametric insurance products are often best incorporated into a policyholder’s insurance product portfolio as a coverage add-on to a traditional policy rather than the base cover itself.
Insurers should expect big players in mainstream tech to influence the property/casualty industry during 2022.
Too often, channel inefficiencies are a very visible source of friction for the customer. Providing holistic, well-integrated service is possible by transitioning from a multi-channel approach to an omni-channel one.
In 2022, we will see the growing prominence of datasets as the facilitators of new realms of knowledge for P&C insurers, helping them predict and price risk more efficiently than ever before.
Insurance agencies must be realistic about their use of technology, especially where the mass affluent are concerned; InsurTech has its place, but that place is often as a conversation starter for this market segment.
With the added pressure of the Great Resignation, financial institutions that start embracing technologies of the future may carve out the necessary advantage over their peers when competing for top talent.
Leveraging a no-code platform can help insurance carriers remain competitive in a challenging operating environment, by enabling efficiencies and allowing insurers to build future-proof digital applications.
Incumbents need to look to the latest data analytics tools and AI technology to eliminate friction and deliver exceptional customer experiences.
It’s time to look ahead to 2022. Unsurprisingly, data will be central to the future of insurance, not least in more precisely pricing new and innovative P&C products.