Though still in its infancy in insurance, blockchain is poised to transform the industry.
New tools and ways of doing business are required to stay relevant and compete with the InsurTechs, particularly with younger policyholders.
A striking characteristic of human memory is that pictures are remembered better than words; it’s time to use this characteristic to implement more secure authentication methods that don’t trade ease-of-use for security.
The integration of a personal cloud into premium insurance bundles—whether a bundle is limited to mobile device protection plans or incorporates some combination of home and auto coverage—is a win-win for everyone.
Insurers must move beyond the traditional approach of automation supplemented by manual processes to one of digitization and the integration of alternative data into core underwriting processes.
With mobile rapidly becoming the most popular channel for insureds to select coverage, obtain discounts, process claims, and pay bills t is more important than ever for all key stakeholders to understand their users and speak the same language of customer experience design.
For insurers to harness the power of AI, they need to embrace not just a new technology, but a new philosophy—call it IntegrationOps or DevIntOps.
By leveraging platforms, modernizing their data use and adapting their portfolios, insurers will be well-prepared for the world that awaits us post-COVID.
For insurers, implementing an effective MVP model can help get products to market more quickly, increase adoption of digital engagement, and limit the investment in ‘nice-to-have’ features that don’t yield business value.
Innovation in insurance is one way technology can help service companies with gig employees weather the growing storm of regulations and legislation.