Pat Speer

The complicated system of data collection, and identification of risk exposure is predicated on having accurate information about the subject (who) and the object (what).

Farmers and other carriers are engaging and empowering their customers’ self-service lifestyle and thirst for real-time access to information.

Because they are limited in both budget and resources, smaller carriers need to be more nimble and pivot quickly when needed.

Claims applications for the technology are opening new opportunities beyond just usage-based insurance programs.

Culture matters in making a shift to digital, says Dr. Balaji Krishnamurthy, who was cited by TIME magazine as one of 25 key Global Business Influencers.

Effectively securing this valuable data requires a high level of diligence on behalf of carriers and their partners.

Many carriers face major roadblocks when it comes to finding the right skills and talents for digital adoption.

Bryce Austin, who was Target’s CISO during the retailer’s infamous data breach, says carriers need to be sure their partners are just as secure as they are.

Though these carriers may be tempted to make incremental changes to save resources, bigger moves are recommended.

The industry isn't as reticent to adopt new technologies as it has been viewed, but its patience has advantages with quickly evolving segments.

Digital channels are proliferating rapidly, and carriers have to be strategic in how they reach customers.

Biometric and mobile technology offer carriers opportunities to engage customers more often and with more value.

For small to mid-sized insurers, moving to a cloud-based environment and embracing automation is unfamiliar territory that requires confidence in vendors.

The insurance industry faces a couple of big hurdles: risk aversion and a culture that is also very averse to change.

Although most insurers have a running start at digital transformation, most do not have the capacity to partner with the likes of an Amazon.

Strong vetting is crucial to establishing a relationship with a trusted business partner, and paving the way for a successful technology initiative with long-lasting results.

While savvy digital transformation can boost businesses, carrier leaders also have to contend with those insurtechs striking out on their own.

Digital Insurance recently caught up with four previous honorees to find out what new challenges they’ve taken on.

This year’s WIL honorees place business goals and achievement ahead of gender concerns.

These very specialized organizations need robust systems to support their operations, but many are under-resourced.