Elon Musk recently appealed to ‘revolutionary actuaries’ to join him. If Tesla does go full bore into the insurance industry Tesla, would you bet against him?
The new normal of remote work is harming morale and impeding creativity both internally and with innovation partners; the insurance industry needs creative new approaches to reignite corporate development, innovation and transformation.
Just as with individual consumers, technology has a major role to play because companies of all sizes and their employees need to have the autonomy to be able to digitally consult information and perform transactions without depending on third parties.
Tech advances coupled with AI can help insurers manage risk, improve underwriting and boost customer experience.
Insurers have seen virtual estimating used successfully for both low- and high-severity claims, making them more willing to begin automating the complex, labor-intensive claims process. The question is, where do they start?
Reorienting insurance to the consumer’s perspective requires rethinking processes in light of their needs.
With a modern core platform, insurers can distribute current lines of business online and create new digital-first products that allow their customers to self-serve through a mobile device.
The coronavirus has catapulted insurance companies to new digital heights, and with a well-reasoned digital strategy, they can provide their customers and agents alike with a seamless, efficient, and effective digital journey.
By transforming and accelerating the claims process, not only can insurers delight customers, they also gain efficiency, reduce costs and address other challenges such as claims fraud.
Preparing for the need to be flexible with business plans, operating models, and technology priorities will help insurers remain able to serve their customers while keeping their employees safe.