In The Economist Intelligence Unit’s survey for CEO Briefing 2014, commissioned by Accenture, insurance executives share the confidence of their peers in other industries regarding the prospects for the global economy, their home country and their own industry.
The industry’s view that emerging markets hold opportunities for growth is a big contributor to the general optimism. Insurers are more up . . .
Data holds the key to an effective cyber-crime strategy. But the very abundance of the data poses challenges for those insurers seeking to exploit it.
Data provides the most significant opportunity for insurers to transform their financial crime capabilities. New data sources are becoming available – both within the enterprise and outside its boundaries – that offer unprecedented potential to unde . . .
The likes of Google and Microsoft are investing billions of dollars in driving an agenda for the connected home. The vision is that the entire home will be a single connected entity, both internally and with an ecosystem of service providers, each of which monitors and reacts to data that’s relevant to itself. This includes the security team, emergency services, and of course the insurer.
The home . . .
The opportunity is undoubtedly large, but realising it will require insurers to be persistent, innovative and smart.
Understand your customers and, in particular, the risks they face. Because customers are likely to be first-time insurance buyers, information will likely be scant. The participation of government agencies or non-governmental organisations will help solve this challenge. Analytics . . .
Top-performing life insurers are growing at over 9 percent a year and are achieving returns on equity of 15 percent or more—while reducing operational costs. That success is impossible without the right engine in place.
No matter how good a driver you are, your skill counts for little if your car’s engine is not able to do what you ask of it. Many life insurers find themselves in this position as . . .