Joe McKendrick
Dig In contributorJoe McKendrick is an author, consultant, blogger and frequent Digital Insurance contributor specializing in information technology.
Joe McKendrick is an author, consultant, blogger and frequent Digital Insurance contributor specializing in information technology.
Incumbents benefit from high barriers to entry, but are themselves less efficient and innovative, Accenture claims.
Skill shortages, funding issues and other structural problems hamper efforts to modernize systems and processes for insurance companies.
No matter how much data is available, there needs to be a cadre of professionals who make sure AI and analytics systems are on target.
Insurers looking to leverage automated, AI-driven customer communications need to make sure they offer value.
There will always be a need for informed agents to provide the human touch that distinguish insurance as a people-centric industry.
While the concept may seem bewildering, it actually is based on a basic six-step process.
And insurers are ready to feed that beast, as initiatives at MetLife and others show.
Efforts to make AI more accessible also may alleviate the shortages of data and computer scientists.
The industry's human element is an asset that can’t be abandoned, especially at a time when disruptors are attempting to come in from all directions.
Because they gather and hold so much data, carriers enjoy a supreme advantage as data-driven models take over.