In Novarica’s second virtual Innovation Special Interest Group Mass Mutual’s Ja’Nene Kane, and Erie Insurance’s Keith Kennedy joined Novarica VP Nancy Casbarro to discuss innovation success stories and best practices.
Insurers who invested heavily in innovative technologies like artificial intelligence before the pandemic are now reaping the greatest benefits—but there remains plenty of room to grow.
A closer examination of the evidence reveals that there are actually two contrasting states existing within the insurance ecosystem: the larger, high profile, well-funded participants and then all the rest.
All consumers, be they private individuals or companies and their employees, relate to the insurance industry in similar fashion, have similar problems, similar needs and the same key factors to satisfy those needs apply to all of them.
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.