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.
Automating processes can open up more time for quality interaction between claims professionals and policyholders.
As technological innovation continues to pick up pace in the insurance industry, focus on upgrading underwriting toolkits is growing.
As consumer technology companies continue to build out AR capabilities and telecom providers build out 5G infrastructure, the barriers to entry and challenges associated with launching AR initiatives will be lessened.
Sometimes what was thought to be old can be new again—or at least extendable and reusable. MVP can be realized by resurfacing your “legacy” POC experience.
Investors will become even more pragmatic and disciplined, narrowing their focus to more mature InsurTechs displaying measurable traction and whose products and services are higher on the insurance industry’s adoption curve.
Adapting to new ways of working and thinking is never easy, but the insurance industry is ripe for a revolution, and it is up to industry leaders to understand the trends that will lead the way.
Although setting up an Enterprise Data Office and maturing this capability is a long journey for most organizations, the benefits that are realized by implementing EDO are almost immediate and long lasting.
While RPA is trendy at the moment, it’s not the most efficient AI solution for insurance companies to implement. Enterprises will continue to see an increasingly meaningful and foundational impact from cognitive solutions.
Trends observable at the show that insurers must follow include the concept of ‘the home is a safe and secure space’ and monetizing the car as an infotainment center—both involving ecosystem partners.