Carriers looking to apply artificial intelligence and machine learning to business processes should make sure they understand the problem they are trying to solve, say panelists.
Insurers have been accustomed to the current market realities of relatively low premium growth, rising loss costs and ever-increasing customer expectations.
Members of the Society for Information Management speak out on their initial successes with artificial intelligence, and what future role they think the technology will play.
The insurer set up an innovation lab in 2016 with SVP of Commercial Auto Kim Garland at the helm, but also keeps a sharp eye out for transformation occurring outside company walls by insurtechs.
While carriers may not be able to replicate the exact science, they should understand that organizational and cultural shifts can both attract the right talent and encourage the emergence of internal ideas.
Insurance companies need to adopt the new marketplace mindset of transparent comparison and seamless user experience to keep customers engaged with the products we sell.
Principal Consultant, Telematics
CCC Information Services
By evaluating and measuring opportunity cost and leveraging other progressive metrics such as policyholder engagement, insurers struggling to grow their UBI programs should be able to get the continued support they need from executives to see their programs through to success.
CIO Jamie Roser credits the carrier’s quick expansion over its five-year lifespan as a company to its digital strategy centered on a cloud-based core system.
While carriers may not be able to replicate the exact science, they should understand that organizational and cultural shifts can both attract the right talent and encourage the emergence of internal ideas.
It’s no surprise that most insurers want to continuously refine their back- and front-office operations in order to streamline the auto liability claims experience.
The critical factor in determining a prospect’s retention potential is by engaging highly predictive, insurance-specific intelligence at the point of prospecting.
