To maximize competitive gains from emerging technologies and approaches such as RPA, AI, Big Data, digital self-service, and blockchain, insurers must design data-first digital ecosystems based on flexibility, openness, and interconnectivity principles.
Leaders that wish to remain on top of the competition will keep distribution technology at the forefront of their priorities. They will also return frequently to their distribution strategy and assess its alignment with individual and business customer channel trends.
Pressured by costs, talent, inflation, and changing customer preferences, the industry’s new leaders are those who moved quickly to create new concepts.
GenZ and Millennials are owning and running businesses and they are highly perceptive about what benefits packages will motivate their employee peers—leaving insurers searching for new gaps to fill.
Great customer experiences, interfaces, easy transactions, and intuitive service can build your brand and enhance customer loyalty.
Group and Voluntary insurers are in a unique position to help employers improve engagement and recapture the quiet quitters if they are willing to enhance and expand their offerings.
Having a long-term data strategy in place that is operational and evolving as the business, data, or technology changes is crucial for success.
While ChatGPT may seem like something out of a sci-fi movie, it has real-world applications that can benefit businesses, including insurance.
By streamlining quoting, optimizing resources, and automating manual tasks, AI can help increase group insurance sales, boost profitability, and improve the customer experience.
As risk grows globally, insurers need to prepare by switching their technologies over to cloud-based platforms where data flows easily, connectivity is simplified and secure, and insights are visual.