Customer experience

The insurance industry in the midst of major structural changes, led by those willing to take risks and go against the inertia of a venerable sector.

These carriers and others have begun to consolidate efforts under executive-level leadership, with mission statements and budgets to match.

The insurer embeds new technologies, such as AI and IoT, into its organization on an ad-hoc basis, rather than developing products separately in a lab and force-fitting them.

Priorities are notably centered around the insurance agent for growth as well as investments in AI and data analytics.

Many are using graph database technology to provide the necessary relationship mapping, combined with master data management, data federation and artificial intelligence.

The insurtechs showcased their platforms and the potential use cases for the industry, in areas such as claims, customer experience and underwriting.

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.

The insurer will leverage the university's research in the Internet of Things, data science and machine learning to help improve the life underwriting process.

The platform, tailored to small business owners, is first being offered to DJs, but will soon be extended to personal trainers and health & wellness coaches.

New business models based on blockchain and cognitive intelligence are coming, which will lead to the introduction of smart contracts for greater efficiency.