By leveraging platforms, modernizing their data use and adapting their portfolios, insurers will be well-prepared for the world that awaits us post-COVID.
For insurers, implementing an effective MVP model can help get products to market more quickly, increase adoption of digital engagement, and limit the investment in ‘nice-to-have’ features that don’t yield business value.
Innovation in insurance is one way technology can help service companies with gig employees weather the growing storm of regulations and legislation.
With smart homes and IoT devices gaining popularity, carriers should prepare for an explosion of new data to work with by building their data science team internally and partnering with an analytics team with deep knowledge and strong capabilities in the space.
Insurers must integrate rating plans and prices with other elements of their customer value proposition, while remaining nimble in response to changes in customer behaviors, competitor actions, and environmental factors.
Lessons must be learned both for preparedness and efficiency gains, as well as for the changes to business processes and consumer preferences that may endure even when the immediate crisis has passed.
While the pandemic has forced the industry to embrace agility amid resource constraints and pressure to maximize revenues, it must not distract from the customer-focused forces driving cloud adoption in the first place.
Given the infrequency of customer contact with insurance carriers ‘being there’ becomes more important when it matters, but it means different things to different customers.
Ecosystems provide a win-win opportunity for incumbent insurance carriers, InsurTechs, and service providers by enabling them to operate in a coordinated fashion and devise competitive insurance offerings by opening new avenues.
In the race to head off competition from InsurTechs and deliver sophisticated digital experiences, insurers must ensure they continue to meet the needs of different customer groups.