COVID-19 has exacerbated many of the challenges that have been driving Leaders, Followers and Laggards further apart. Once the gap begins to grow, it’s tough to reverse momentum and close the gap.
When the process conforms to the person, retailers and insurers alike will be able to relax and know that they are not just capturing the up-and-coming generations, but like Walmart and Amazon, they are giving the best service possible to every generation.
Auto insurers are redefining themselves as mobility companies and in the future will be seeking to own the mobility experience using a vast mobility ecosystem, ideally building those ecosystems around their brands.
The pandemic has obliterated any lingering doubts that operating digitally is the only way to do and to stay in business—it’s ‘go digital’ or stare at that wall until the unthinkable happens.
Although it doesn’t absolve your managers of responsibility, outsourcing leave administration to insurers or TPAs is becoming increasingly common among employers.
Majesco’s survey report, ‘Strategic Priorities 2021: The Insurance Industry Shift Hits Hyper-Acceleration for Digital Business Models,’ the first of two reports, makes observations crucial to an understanding of priority shifts driven by the pandemic and other factors.
The effect of these changing roles on incumbents will depend on their willingness to adjust to the changes that are already occurring due to digital transformation.
While COVID outbreak is of immediate urgency, insurers also must make sure to be prepared to climate-related with robust, comprehensive risk management practices.
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.
AAU gives underwriters the ability to spot patterns and connections that are either invisible to the human eye or which typically take unfeasible amounts of time and resource to identify.