Although setting up an Enterprise Data Office and maturing this capability is a long journey for most organizations, the benefits that are realized by implementing EDO are almost immediate and long lasting.
While RPA is trendy at the moment, it’s not the most efficient AI solution for insurance companies to implement. Enterprises will continue to see an increasingly meaningful and foundational impact from cognitive solutions.
Trends observable at the show that insurers must follow include the concept of ‘the home is a safe and secure space’ and monetizing the car as an infotainment center—both involving ecosystem partners.
A few industry leaders are using predictive analytics to sell high-value ads on their websites—without cannibalizing sales.
It’s not a secret that life insurers have a vested interest in ensuring that policyholders lead long and healthy lives, but helping them achieve it is also the right thing to do.
As insurers plan out digital transformation initiatives, they shouldn’t overlook their own asset management operations.
White labeled options can help life insurers tap into newer market segments and reach new customers, but carriers need to be operationally agile, data-centric and laser focused on the customer experience.
To reach customers who are at once tech-savvy and demanding, insurers needs to leverage the latest technologies and incorporate three major industry shifts into their planning.
ITI can be a useful tool for dealing with the myriad documents involved in the insurance life cycle, but carriers should define the specific use cases they want to address before launching a pilot.
The key to increasing life insurance sales in today’s market is creating digital native life insurance products, leveraging technology to redefine the customer journey, and embracing an innovative perspective in a D2C market.