It’s an exciting time in technology, and the rapid pace of innovation is inspiring, empowering and challenging the insurance industry. Executive Summary In 2015, insurers will leverage data accessibility, mobile, social media and platform migration to enable growth and optimize customer experience, says Novarica’s Martina Conlon.
Technology mega-trends continue to offer great opportunities for insurers:
• Data, data and more data—Improved accessibility to internal data, the “Internet of things” and the explosion of data available from social media, telematics devices, sensors, satellites, wearables, mobile devices and traditional third-party data providers can be harnessed to drive improvements across the insurance value chain. Areas ripe for improvement include product development, customer service, underwriting, pricing, claims management and fraud avoidance. Powerful data storage technology and analytics tools can enable valuable insights that can deliver big benefits in each of these areas.