Insure Think

Many insurers miss out on the full benefits of transformation programs for key reasons.

Agents who aim to become a true “digital powerhouse” should focus their attention in two key areas: digital marketing and streamlined self-service.

People buy insurance for peace of mind, and there are steps insurers can take to help further ease customers’ minds during this difficult time.

Computer vision helps us turn the vast amount of geospatial imagery generated by satellite, reconnaissance planes, and drones into geospatial intelligence to be used in risk assessment, loss prevention, risk management, and product innovation.

Start-ups and other companies have been working to develop tech innovations addressing extreme-weather disasters.

Failure to pay attention to accessibility can have several negative ramifications.

Productizing and monetizing insights into actions across the enterprise are the dividing lines between data science and traditional IT and actuarial organizations.

COVID-19 is going to have an effect on the economy and on business sentiment. But it’s also an innovation rallying cry to entrepreneurs and investors.

Electric cars are likely to have increased connectivity and reliance on data, sensors and software, including artificial intelligence, to manage vehicle systems and aid driving.

Wondering if my experience filing a claim will draw the right conclusions.

Technologies have enabled increasing precision as solutions evolved from postal code centroids to street level centroids to land parcel centroids.

How much do we really understand about users’ motivations to use digital products for improving health?

Ecosystem orchestrators and participants, such as car-sharing service vendors, could also collect and integrate massive amounts of data from different services

When building a successful digital marketing strategy, several guidelines should be kept in mind.

Helping insurers to use new and emerging sources of data to streamline or improve operations and processes, reduce costs, and boost efficiency.

Month-to-month changes in the insurance industry's fiscal outlook will impact digital choices.

If insurance companies are to catch up with today’s more mobile and tech-savvy customers and not lose market share to the so-called “insurechs,” they need to digitize - and fast.

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.