Insure Think

Companies who had already adapted to a culture of digital innovation technology have proven more successful during this sudden and dramatic shift.

Coronavirus has exposed that risk is ever-present and the traditional inequities in insurance levels for women should be addressed.

Insurance policies typically sold through face-to-face channels require intense advice and demand creation. Insurers must take steps now to adapt to the new landscape.

Many insurers report no changes to their plans, with some reshaping and a few accelerating, but very few pausing or retrenching.

The key to meeting consumer demands for greater personalization while boosting growth in an increasingly competitive industry lies in using the full array of data available.

The coronavirus crisis has halted regular development cycles and thrown potential entrepreneurs out of their comfort zone.

When this is all an anxious memory, companies who dropped the red tape holding them back and embraced radical change may well reap huge long term benefits.

Facilitating the banking and financial services sector’s digital makeover serves as a prime example of what’s possible when development-killing barriers are removed and a new era of connectivity is delivered.

Amid record low travel and vehicle miles traveled, speeding and crashes in cities around the United States have increased.

Early research from Celent quantifies initial reactions

The crisis taught us a lot about what we can plan for, how digital can change the trajectory of our business lines, and how at the heart of digital solutions will always be a dedicated workforce.

More workers will be home-based either permanently or part-time in the post-COVID-19 era.

Insurers who cling to the business structures and systems of The Before Times may not be able to adapt.

The impact on our sector is uncertain in every way but its depth.

Insurance product creation historically has been based on historical data – the rear-view mirror view. However, there is a fundamental change afoot that cannot be ignored.

The way insurance companies respond to the COVID-19 crisis is indicative of how the industry will meet the biggest challenges going forward: the disappearing retail customer, over-regulation, shrinking product margins, low customer loyalty and public distrust.

It is critical to assess insurers’ internal operations and the implications for employees.

Catastrophe response is the insurance industry's stated goal. But currently, the sector has few answers for consumers.

It is of strategic importance that we ensure our information technology is supporting the entirety of the organization and its ability to communicate.

The situation is changing rapidly, testing organization capacity and operational planning.

Insurers will use AI across different channels – in context - to deliver experiences that make customers happy.

The future for insurance carriers looks bright when it comes to claims advancements this decade.

The insurtech movement has been underway for the better part of a decade. Now that we have entered the 2020s, it might be worth exploring what could be on the horizon.

Personal lines organizations need to look at their business structures from an outside-in, consumer perspective, as well as traditional inside-out, operational perspective, and then reimagine business units and operational outcomes.

Now more than ever, organizations realize that to manage their unprecedented data growth, a solid data strategy must be front and center for them to survive and thrive.

It is an exciting time for IT. But also an exceptionally unsettled one, as rapid evolution is the norm and change that will shape a business's destiny is coming from all directions.

Data analytics will become more embedded in day-to-day processes specifically to provide analytics and AI insights within the flow of business.

By starting fresh with clean data sets and modern technology, insurers will not only get out of the legacy data quagmire but also set themselves up to take advantage of more cutting-edge technologies.

Looking ahead into the new decade, we will begin to see an acceleration of AI adoption as the lines between data and AI begin to blur.

Attackers are always growing smarter, more creative and more aggressive, and environments are always growing more complex.

We can expect commercial auto premium will grow relatively in an autonomous world, while personal auto premium shrinks.

Insurers see the highest potential in machine learning, robotic process automation (RPA), and technologies to analyze unstructured data.

But many insurers are putting all their investment “eggs” into few baskets and ignoring – or at best shortchanging – other opportunities.

Heading into the New Year, many enterprises are looking at how AI and data analytics can drive their digital transformation journeys.

Even though the threats emerging in the New Year won’t be any less intense, complicated or difficult to manage, 2020 is likely to be the year of simplified security.

Digitizing flood insurance has the ability to automate claims, add consistency to regulatory compliance and assist with fraud control.

Here’s a look at two use-cases for AI in health insurance that are starting to make headway.

Insurance is not immune to the fundamental changes in the way we live, work, and communicate.

It’s critical to help ensure that business strategy and objectives are aligned with the downstream modernization initiative and that both business and IT stakeholders are involved early in the process.

Many insurers are reconsidering outdated product-driven business models and turning their focus to improving the customer experience.

Data quality and customer-centricity are crucial to getting value from initiatives.

Instead of overloading customers up front with a fog of terminology, we are trying to provide just the right information at the right time.

As digitalization accelerates and encompasses an ever-wider share of the insurance value chain, an improvement on the front end alone is not enough.

There’s a scramble going on to match business operations to new and emerging cultural and social expectations. For insurers, meeting these new expectations is about nothing less than the future of the insurance industry.

The traditional way of reaching pools of people – Super Bowl, Oscars, and other TV ads - is out now, and digital is taking over.

Sometimes, in an attempt to gather data or introduce simplicity using a technology solution, businesses and brokers can inadvertently expose themselves to elevated levels of cyber risk.

The global value of insurance premiums underwritten by AI have reached an estimated $1.3 billion this year.

Recognizing and knowing where to find the most common pain points in advance allows the organization to allocate the additional time or resources needed to prevent the whole project from stalling.

A well-defined strategy that focuses on organizational accountability and communication is essential to realizing goals.

In the past, speed was not critical for an insurer’s success. Today, the speed and agility of insurtechs are pushing traditional insurers to move swiftly.

Listening incorrectly to your metrics can sabotage your team in the growth stage.

A year-long pilot in Sacramento will enable members to get free rides to medical appointments, lab and radiology visits and to pharmacies.