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.
While COVID outbreak is of immediate urgency, insurers also must make sure to be prepared to climate-related with robust, comprehensive risk management practices.
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.
The precision offered by building-based geocoding that leverages new, transformational technologies can produce variations in results that are dramatic.
Given these outcomes, one might assume that distribution may no longer be the focus of the top InsurTechs, but that is not the case.
When entire industries face challenges brought on by crises, underwriters must continually investigate and communicate in order to assess and analyze risk for their clients.
As insurers assess and address challenges within their organizations, they are not only solving today’s issues, they are building a more resilient operating model for the future.
The insurance industry will be critical to help companies evaluate the comprehensive economics of resilience—balancing operational elements of resilience with the new cyber threat landscape that impacts the management of volatility.
Accelerators can save time, money and a lot of frustrations by helping insurer’s PAS implementation, allowing insurers to focus on running their business and relying on key business-related metrics.