Self-service is important, but insurance will always be about trust and relationships so insurers need to balance digital investments in order to focus on ways to deepen human relationships, not replace them.
Announcements of new startups have not slowed, and the industry is seeing more second-round investments and larger funding amounts.
To manage the future of insurance processing and regulatory risks, carriers must be able to better understand and manage their business processes.
Four imperatives that will speed migration to the cloud and the adoption of new technologies if they are made part of an insurance CIO’s overall strategy and daily execution.
Cloud technology, new data sources and advances in algorithmic methods are enabling insurers to make speedy progress in simplifying customer experience, improving underwriting and optimizing portfolio performance.
Success in breaking down silo walls requires understanding the requirements of the project and implementing an integration strategy that best meets the unique needs of an insurer.
With data and processing power readily available, insurance companies need to focus on four pillars of AI adoption that will guide them systematically through intelligent AI adoption.
It is key to continue to develop new property-specific features, including defensible space, that give carriers additional insight into risk and allow better segmentation of areas that are also in wildfire-prone regions.
Greenfields innovate quickly and freely, and they combine what’s possible from a new build with the capital resources and savvy associated with an established firm.
Several trends reflected the increasing maturity of the InsurTech movement, as well as either validating or disproving predictions made at its beginnings.