Insure Think

As this happens and expense ratios are driven down, only those carriers which can fully utilize analytics and data-augmented decision making in their underwriting process will be able to price effectively in the market.

A company will only model the level of excellence that's developed from the people working inside.

Formulating a digital strategy means defining the priorities and objectives for investing in specific capabilities.

Given how driving patterns changed so significantly during the pandemic, there is an opportunity for carriers to further educate consumers about the benefits of telematics during the claims process.

Nearly one year after the onset of the pandemic, not only has interest remain elevated, but adoption has increased two-fold.

Insurers could see retention rates drop if they neglect to defend existing revenues through product and distribution innovation.

AI systems that aggregate data from actual anonymized claims, bills and other data could be trained to identify and update records, managing identities persistently and in real time.

New technologies are expected to fundamentally change how insurance is distributed, but alongside this redefinition of roles comes an accompanying talent crisis.

Smart sensors have the ability to offer insurers risk reduction and long-term return on investment in claims reduction while benefiting millions of homeowners.

To remain relevant, empower the team, and drive company goals, the actuarial workforce and business operating model needs modernization.

Touchless digital insurance has become a base requirement for business as people demand touchless transactions.

The pandemic-driven upheaval of society has important, long-term implications for the P&C insurance industry.

The industry needs high-quality data sources that can scientifically measure the threat and complement existing data elements

Billing presents an opportunity to fulfill a brand promise of convenience and trust. But errors can be costly.

The customer experience is now priority No. 1, and P&C insurers are focusing on making the purchase, use, and renewal of retail lines simpler, faster, and more personal.

A spike in applications during 2020 will require aggressive digitalization to continue.

Regulators embraced technology and demonstrated a willingness to reconsider long standing positions when faced with pressing need.

Companies talk about collaboration, serendipity, team building, and other generic values of co-working, but few have actually been able to specify or quantify what’s been lost in the shift.

If a carrier’s model suggests a consumer is unlikely to bind, they can serve comparison ads from other carriers and make back some of the money they spend bringing non-converting shoppers to their website.

Adoption of new technologies and ideas need not wait for epochal events, nor can we assume the benefits of a new technology alone will overcome the context of a situation and habitual factors at play.

Carriers can integrate with partners offering specialized capabilities and provide a comprehensive customer experience through a single unified platform.

Insurtech maturity and the pandemic are driving investment.

Many insurers have a traditional, albeit risk-averse, data mindset as evidenced by their reliance on traditional data and avoidance of emerging data sources.

Insurers can use AI to help them manage the ongoing COVID-19 economic crisis and to position themselves for future success as well.

Some early insurtech investors formulating an exit strategy may trigger one or more IPO or acquisitions by insurance carriers.

Increased direct interaction with consumers has renewed interest in using digital data to personalize experiences and improve customer journeys.

There will be much for insurance CIOs and their teams to deliver on the digital transformation agenda due to the high level of disruption to the sector.

Investing in the development of a secure, user-friendly digital workspace environment can help keep your organization flexible and relevant.

The risk models insurers had previously relied on need to be adapted for today’s challenge.

This is an opportunity for insurers and employers alike to engage with employees in a more meaningful way.

Since 2018, 89% of private investment in insurtech has gone into selling more insurance or making more insurance to sell.

Today’s data science models can be used to pick up on a wide range of related signals that predict a claim’s future.

Insurers will need to evolve their risk selection and pricing tactics as well as portfolio management practices.

Those who experienced the greatest financial distress from the pandemic intend to minimize future financial risk and uncertainty.

The digital future of insurance is a plane being built as it’s flying.

Not only does the quality of the data impact a carrier’s bottom line, it also affects their customers’ experience.

By tackling specific problems, carriers were able to keep the lights on during the pandemic.

It's easy to be excited by insurtech's prospects in the rapidly digitalized world, but the toll has been exceedingly steep.

Celent finds the two most important corporate goals impacting 2021 tech plans are growth and process optimization.

Key regulators, including several Senators and a Biden advisor, are focused on the issue.

During a time when consumers are driving less and auto insurers are offering credits, refunds and more, auto companies must be able to go beyond flat demographics.

Claims costs went up despite fewer miles driven, and other surprising results.

In virtually every scenario-planning session, the evolving workforce becomes a central theme.

Continuity and speed are just two benefits of payment automation, says VPay's Elisa Logan.

The benefit goes beyond compliance: It allows an organization to demonstrate that they are prioritizing the consumer's privacy expectations.

With the growing vulnerabilities and uncertainty of our highly globalized and connected world, actions in one place can spread rapidly to have global effects.

Embedded insurance solutions have become a key strategy that both insurance carriers and brands are turning to in order to stay competitive.

It’s been a great reminder to me that the industry can be stretched and challenged in a number of ways, and that it may require more of this type of risk taking at a micro scale in order to better manage the macro risks we all face.

To help insurers better understand COVID-19’s impacts, TransUnion recently conducted a survey of U.S. consumers with active auto, homeowners, renters and/or life insurance policies.

Has insurance's 'noble purpose' ever been more relevant to society than now?

Digital Insurance is surveying our readers to kick off 2021 with late-breaking, actionable industry data.

In 2021, carriers will look for more AI needles and fewer data haystacks.