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.
Automating manual processes and insurers' growing use of technology are two leading factors behind the change, detailed in a new three-year innovation plan released by the organization.
New business models based on blockchain and cognitive intelligence are coming, which will lead to the introduction of smart contracts for greater efficiency.
