Insurers must engage their customers personally, innovate rapidly, and grow profitably in new business environments, and so in the year ahead, carriers will be looking to successfully navigate a trio of key technology trends.
By expanding their focus on digital solutions beyond just improving work processes and factoring it into larger growth strategies, agents can remain competitive and excel in the current market.
Property/casualty data may have the potential to significantly improve life/health insurers’ products, pricing, underwriting, and claims processing.
Insurers must be smarter about how they use data, make bold digital moves to meet consumer expectations, and take a strategic approach to process automation.
If the past two years have taught us anything, it is that the industry is constantly shifting and adapting to the needs of the world around it.
Here are four practical considerations decision-makers should apply to qualify if a vendor or partner can truly deliver that digital transformation and business impact.
Parametric insurance products are often best incorporated into a policyholder’s insurance product portfolio as a coverage add-on to a traditional policy rather than the base cover itself.
Insurers should expect big players in mainstream tech to influence the property/casualty industry during 2022.
Too often, channel inefficiencies are a very visible source of friction for the customer. Providing holistic, well-integrated service is possible by transitioning from a multi-channel approach to an omni-channel one.
In 2022, we will see the growing prominence of datasets as the facilitators of new realms of knowledge for P&C insurers, helping them predict and price risk more efficiently than ever before.