Consider engaging a third-party external advisor that has seen the issue in many organizations, has a team of experienced consultants in the field, and has been engaged in delivering state of the art solutions to customers with a similar profile to your own organization.
Transformational technologies—which may have existed for decades in some form—are catalysts for much of the change disrupting the insurance industry, and will continue to evolve and be applied to more and more use cases across the enterprise.
Customer engagement is a plan to improve your image in the policyholder’s eyes, and while technology is powerful, even the sleekest, priciest strategies fail without a solid foundation.
New hosting methods, updated user experience platform options, and growing M&A activity in the space have changed some aspects of the PAS selection process.
While IoT may seem daunting, the benefits of insurers are many, and those who are prepared will win the long tail race for today’s connected insurer.
Successful initiatives are very much about the partnerships that form coalesce between vendors, consultants, systems integrators and, of course, the ultimate end-user, the client.
Honest appraisals of project success will allow insurers to adjust systems to achieve the best possible results, will help them validate goals, and will educate carriers on ways to improve in future initiatives.
Insurers, potentially in partnership with InsurTech startups already exploring solutions, can address the challenges emerging from the growing elderly demographic in three key ways.
Insurers are looking to technologies such as telematics, video cameras, and cellphone blockers, as well as the data captured by these innovations, to help assess and price risk more accurately than ever before and ultimately reverse the trend of unprofitability in commercial auto.
Though IT outsourcing allows insurers to effectively staff transformational initiatives, it’s no panacea—and it comes with its own set of unique challenges.