Posted on March 30, 2015 by Michael Costonis
Over the course of this series, I’ve highlighted some of the challenges facing insurers: the evolving customer, technology that offers promise and obstacles, and new competitors. The key to surviving and thriving in a constantly evolving marketplace is customer-centricity, which I discuss in this video.
The customer-centric journey
Progressing down the path toward customer-centricity can be chall . . .
Posted on March 27, 2015 by Cindy De Armond
Many insurers have undertaken significant systems upgrades and/or replacements to bring their companies into the digital age. The rapid adoption of SMAC (social, mobile, analytics and cloud) technologies has pushed insurers to get their systems ready for many new functions, from contacting customers via Twitter feeds to offering mobile apps that provide quotes and claims updates.
Just as insurers . . .
Posted on March 27, 2015 by John Cusano
For the past few weeks, we’ve been discussing the findings of two recent Accenture studies on how the Internet of Things (IoT) will drive global economic growth and corporate revenue and innovation. Now it’s time to tie these findings into how the IoT, and specifically what’s known as the connected home, is presenting new opportunities for property & casualty insurers.
The IoT has already “com . . .
Posted on March 27, 2015 by AccentureINS
Accenture’s 2014 Digital Innovation Survey clearly indicates that while insurers see digital technologies as the catalyst for transforming the insurance value chain over the long term, the reality is that many are still at the early stages of the journey.
Most insurers seem to have adopted a hybrid strategy in which digital initiatives are running in parallel with traditional business models. In m . . .
Posted on March 26, 2015 by Michael Costonis
Unresolved issues related to insurance have been sticking points in the growth of the sharing economy. Insurance Journal reported this week on an important development related to ride-sharing: Support for a joint legislative framework for insurance requirements, from a leading industry player (which sent out its own announcement on the subject) along with State Farm, Farmers, USAA and the America . . .