Other parts of this series:
To survive and thrive in the new digital arena, insurers must redefine their roles and goals, and embrace the new rules of business. Eighty-four percent of insurers surveyed for our recent Technology Vision for Insurance agree that organizations are being increasingly pressed to reinvent themselves and evolve their business before they are disrupted.
Carriers will need to embrace a world where they work with a range of ecosystem partners to deliver services—they will not be able to do it in isolation. In fact, a huge 85 percent of insurers believe industry boundaries are being erased and new paradigms emerging.
They’ll also need to improve their capabilities in areas such as big data, analytics, service design, personalization and the customer experience. This may require investment in more flexible core platforms that support underwriting and pricing based on data from the Internet of Things, which insurers see as bringing significant change to the industry.
Or it may mean investing in embedded artificial intelligence solutions, identifying top candidates for automation projects, developing machine-learning skills and establishing a top-down strategic commitment to AI and data science.
Disruptive digital strategies are still emerging, but the proactive insurers that take the next few years to carve out their places in these newly forming digital ecosystems will be those that define their own destiny.
To learn more, register to download the full report: People First: The Primacy of People in the Age of Digital Insurance