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.
Insurers need to have a plan to millennials, who behave differently than other groups, are the largest generation of adults in the nation—roughly 73 million—and also the most uninsured.
Meeting claimants expectations requires insurers to rethink how they approach customer service—how AI can help improve communications and accelerate claims handling.
As MGAs continue to provide specialized underwriting solutions for customers’ risk exposures, they will become an increasingly attractive partner for those seeking profitable growth in a difficult market.
Developing and executing a cloud strategy is becoming a critical part of the modernization journey for leading insurers. Learn about the four steps that Pekin Insurance has taken.
Insurance carriers that are able to anticipate change and incorporate it into their data collection and transaction processing early will benefit from better outcomes of machine learning and artificial intelligence algorithms.
Why insurance modernization is different this time and disruption is inevitable; and how Majesco has developed an insurance platform to support its clients’ entry into the digital age.