This article is part of Carrier Management’s series on the Future of Insurance.
Tim Attia, CEO and Co-Founder, Slice Labs Inc., believes that “insurance products must be tailored and designed for the digital age with the customer experience at the forefront of everything.”
Q: What major changes do you see on the horizon for the property/casualty insurance industry in the next 10 years?
- Increased use of automated data, machine learning, AI.
- Decrease of agents and brokers for property/casualty insurance.
- Decrease in fraudulent claims due to use of things like AI, behavioral economics and facial recognition technology.
- Demand for better customer service from the “instant” individual.
- Usage-based pricing and insurance models.
- Transparency, increased communication for claims.
- Unbundling of multi peril policies.
- Personal protection insurance—for what insureds are doing when they’re doing it.
P/C insurance will increasingly be distributed through alternate sources, such as embedded in the product covered, non-insurance distribution channels and single-peril/ single-object distribution. However, insurance companies are resilient, and they can continue to be resilient if they move quickly and decisively. If they don’t, they stand the chance to be left behind by InsurTech startups or other major carriers that moved and adapted quickly.
We now refer to customers as “instant” individuals—those who want what they want when they want it, with around-the-clock access to clear and simple relevant information related to product features, pricing, claims, etc. Insurance products must be tailored and designed for the digital age, with the customer experience at the forefront of everything.
Insurance carriers will insure risks as the individual is faced with them—in real time, on-demand. In other words, policies will be risk-specific rather than comprehensive and will be sold on-demand.
The insurance leaders and the workforces making these changes should be comprised of those willing to do away with outdated practices. Then, they need to be willing to learn from their new findings and pivot when needed.
Insurance companies are resilient, and they can continue to be resilient if they move quickly and decisively. If they don’t, they stand the chance to be left behind by InsurTech startups or other major carriers that moved and adapted quickly.
Read more Future Insights by person
- Mike Albert, Co-Founder, Ask Kodiak
- Tim Attia, CEO and Co-Founder, Slice Labs, Inc.
- Arun Balakrishnan, CEO, Xceedance
- Ilya Bodner, CEO, Bold Penguin
- Bobby Bowden, Executive Vice President, Chief Distribution and Marketing Officer, Allied World
- Andy Breen, Senior Vice President, Digital, Argo Group
- Adam Cassady, CEO, Tyche Risk
- Chris Cheatham, CEO, RiskGenius
- Trent Cooksley, Head of Open Innovation, Markel Corporation
- Mike Foley, CEO, Zurich North America
- Guy Goldstein, Co-Founder and CEO, Next Insurance
- Mike Greene, CEO & Co-Founder, Hi Marley
- Brian Hemesath, Managing Director, Global Insurance Accelerator
- Russell Johnston, CEO, QBE North America
- Dr. Henna Karna, Managing Director and Chief Data Officer, XL Catlin
- Tony Kuczinski, President and CEO of Munich Re, US
- Rashmi Melgiri, Co-Founder, CoverWallet
- David W. Miles, Co-Founder and Managing Partner, ManchesterStory Group
- Pranav Pasricha, CEO, Intellect SEEC
- Mike Pritula, President, RMS
- Kathleen Reardon, CEO, Hamilton Re
- Jeff Richardson, Senior Vice President, OneBeacon Insurance Group
- Vikram Sidhu, Partner, Clyde & Co
- Christopher Swift, CEO, The Hartford
- Rebecca Wheeling Purcell, Schedule It
- Keith Wolfe, President US P/C—Regional and National, Swiss Re
Get the responses of all 26 leaders neatly packaged in single PDF download. More than 43 pages of content.